1. All-Time High and Drop: SUI reached a peak of $2.36 on October 14 but has since dropped to $2.04, a 14% decrease due to traders taking profits.
2. Key Resistance at $1.97: SUI is hovering just above the $1.97 resistance level. If selling continues, it could fall further, possibly finding support in the Ichimoku Cloud.
3. Bearish MACD Signal: The MACD indicator has turned bearish, with the MACD line falling below the signal line, indicating more selling pressure.
4. Weakening Momentum: If SUI’s price falls into or below the Ichimoku Cloud, it could confirm a bearish trend and show weakening momentum.
5. Declining Open Interest: SUI’s open interest hit $709 million on October 14 but has dropped 24% to $538 million, showing less trader interest and fewer active positions in the altcoin.
