SUI price has dropped 14% since ATH! Can Sui reach $5 through a bullish reversal?

Sui's price has decreased by 13.96% from its ATH of $3.93 in 10 days.

Technical indicators record an increase in bearish sentiment, suggesting increased selling pressure.

A potential bullish reversal could push the price towards its target price of $5.

After two consecutive days of negative price movements, the cryptocurrency sector experienced a strong bullish recovery, led by altcoins. Subsequently, the SUI token regained momentum and broke through resistance levels, with trading volume increasing by 43%.

Will the SUI crypto token regain momentum and set new highs this week? Or will this altcoin retest its crucial support level at $3? You're only minutes away from discovering the short-term possibilities!

Sui Crypto has recorded an increase in price volatility!

The Sui token surged about 10% during trading, with a trading volume of $2.281 billion, indicating a strong bullish recovery. However, the trading price of this altcoin is approximately 14% discounted from its all-time high of $3.93 set on November 17, 2024.

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However, from a long-term price outlook, it has doubled this month, with a year-to-date (YTD) return of +337.02%. With a market cap of $9.67 billion, this altcoin ranks 18th in the global cryptocurrency rankings.

Sui Technical Sentiment

The Moving Average Convergence Divergence (MACD) shows a constant red histogram, with its average recording bearish convergence in the daily time frame. This highlights the increased selling pressure on altcoins in the cryptocurrency market.

The SMA indicator continues to act as resistance on the Sui price chart. This indicates strong bearish sentiment on the price of the 18th largest crypto token.

Is Sui a good investment?

If the market favors bulls, the price of the Sui token will exceed previous highs and move towards the psychological barrier of $4. Maintaining a price above this level could lay the groundwork for this altcoin to test its target price of $5 this year.

Conversely, if bears gain momentum, the price of the Sui token will retest its support level at $3.25. Additionally, if bears dominate the cryptocurrency sector, this could lead Sui crypto to fall to its lower support level of $2.50 this year.