SUI’s price has fallen over 50% from its recent peak. Despite this sharp downturn, a prominent cryptocurrency analyst asserts it remains a digital asset with the potential to “continue performing well.”
The analyst explained on social media platform X SUI’s current trend and why he anticipates the cryptocurrency will surge going forward.
$SUI is one of those assets that's likely going to continue doing well.It's down more than 50% from the recent high and in an interesting support zone.This is an HTF support, so this is also the area where I'd be looking to become interested if I want to have a position.— Michaël van de Poppe (@CryptoMichNL) March 10, 2025
“Interesting Support Zone” at $1.60-$2.35: Analyst Eyes Potential SUI Long Entry
Using SUI’s three-day chart, the analyst demonstrated that the cryptocurrency is nearing historical support. This support is formed by a price cluster around its 2024 high. The cluster developed in the final quarter of last year. It preceded a massive rally in early 2025.
Based on SUI’s price action near this identified support, the analyst labeled it “An Interesting Support Zone.” This zone covers the range between $1.60 and $2.35. The analyst suggests it is an ideal entry region for traders seeking to take long positions on the SUI/USD pair.
60% Retracement “Not Peculiar”: Analyst Cites Broader Crypto Market Dip
SUI surged to a $5.35 all-time high on January 4, 2025. Since then, it has retraced nearly 60%.
The altcoin’s retracement is not unusual, especially given the blanket decline in crypto prices affecting all top digital assets. Even with this massive decline, most crypto traders still view SUI as a potentially viable crypto with remaining bullish momentum.
SUI Hovers at $2.34, Rests on “Interesting Support Zone” – Turnaround Possible
Currently, SUI traded for $2.34 at the time of writing. It is resting on top of the identified support region. The altcoin could experience a turnaround imminently. This potential rebound exists despite the possibility of dipping lower into the support region.
As mentioned earlier, SUI’s price tumbled with the rest of the crypto market, suggesting its reversal could also depend on the overall market trend.
Therefore, other top cryptos, notably Bitcoin, might play a significant role in the next phase of the cryptocurrency market. Bitcoin traded for $81,850 at the time of writing. This price shows a 3.82% loss in the last 24 hours.