SUI Holds $0.90 Range as Analysts Signal Risk of Further Downside

SUI is trading at $0.9250, showing a 1.09% drop in the past day, according to CoinMarketCap data, on Friday, February 13. The trading volume has dropped by 17.64% to 523.19 million. The market capitalization has decreased by 1.01% to 3.55 billion, with selling pressure dominating the market.

Source: CoinMarketCap

SUI Consolidates Near $0.90 as Pressure Builds

Crypto analyst BitGuru highlighted in an X post that the SUI price remains in a downtrend. The price is moving from one consolidation zone to another at lower levels. 

BitGuru stated that the price is ranging between $0.90 and $0.95, having recently dropped, with $0.87 acting as the critical support level that traders are closely watching.

If the price is able to hold at these levels, there is a high probability that the price will rise in the short term, with the price potentially rising to $1.10 or $1.17. 

Source: X

Moreover, another analyst, Move Insider, also shared his technical projections, he mentioned a potential upside if the current structure remains intact. He noted that the range between $1.56 and $2.33 could be a potential target.

The momentum is slowly building up, but it is still limited. However, traders are watching out for any potential shift in volatility or direction.

Also Read: ONDO Upside Strengthens as Market Eyes $0.35 Key Resistance Level

RSI Near Oversold as MACD Confirms Bearish Pressure

The Relative Strength Index (RSI) is currently at 29.80, which is close to the oversold zone. The RSI average is at 26.59, which is a sign that the momentum is still low and that buyers have not gained control over sellers.

The Moving Average Convergence Divergence (MACD) is currently at -0.0046. The MACD line is at -0.1623, and the signal line is at -0.1576. The MACD is a sign that sellers have gained control over buyers.

Source: TradingView

Open Interest Drops While Funding Turns Positive

CoinGlass data shows a decline in derivatives volume by 14.97% to $712.79 million. The open interest has also declined by 2.72%, which is currently at $506.39 million. The OI-weighted funding is at 0.0040%, suggesting that traders’ sentiments are positive.

Source: CoinGlass

The total liquidation value over the last 24 hours is at $710.83K, with a value of $493.66K from longs and $217.17K from short positions.

Source: CoinGlass

SUI is still trading under a downward structure, and analysts say that the reaction to the price at $0.87 will define whether the token is able to stabilize or continue to fall further.

Also Read: Sui Network Launches eSui Dollar: Could Reach $1.12 Amid DeFi Surge