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SUI shows signs of exhaustion after 98% gain – Fall ahead?

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SUI has witnessed an increase in outflows this week after its uptrend faced resistance.
Lack of buyer support could see SUI drop to test support before making another upswing.

Sui [SUI] has been one of the top performers across the cryptocurrency market in recent months. In the last 30 days, SUI has doubled its market capitalization to more than $5 billion after the price surged by more than 98%.

SUI’s gains have seen it stand out from the choppy trends witnessed with other altcoins.

However, after more than a month of a steady rise, the rally is now showing signs of exhaustion, and it could reverse to find support before resuming the uptrend.

SUI price analysis

SUI traded at $1.82 at press time after a 4.4% drop in 24 hours. Trading volumes had also dropped by 6% according to CoinMarketCap, showing that interest in this token is dropping.

Furthermore, the volume histogram bars have been red in the last three consecutive days, suggesting that sell-side pressure is high.

Buying activity around SUI is also waning. The Chaikin Money Flow (CMF) has been on a downtrend this week, an indication that money is flowing out of the token.

The CMF had also flipped negative on the one-day chart as selling pressure overwhelmed buying pressure. This could be caused by traders taking profits after the uptrend showed signs of weakening.

Source: TradingView

The selling activity started after the Relative Strength Index (RSI) crossed below the signal line and formed a sell signal. Buyers will likely get back in the market if this metric crosses back into bullish territory.

If buying activity remains scanty and sellers continue to dominate, the price will likely drop to test support at $1.70. Buyers might use this drop to find a new entry point.

However, for

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Author: Muthoni Mary

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