$Sui (SUI) has encountered resistance at its all-time high of $2.18, recorded on Monday, suggesting a possible price decline in the near term. Technical indicators are aligning with this outlook, as a bearish divergence has formed, indicating a weakening of upward momentum.

#### Sui Price Overview: Rejection at Key Resistance Level

After a robust three-week rally that saw Sui’s price rise over 70%, the cryptocurrency faced rejection at its all-time high of $2.18 on Monday. This resistance level has proven to be a critical threshold, leading to a subsequent decline. As of Wednesday, SUI is trading around $1.90, reflecting a continued downward trajectory.

The technical outlook suggests that if the $2.18 resistance level remains intact, Sui's price could decline further. The next key support level is identified at $1.38, representing a potential 27% decrease from the current price.

#### Technical Indicators Confirm Bearish Outlook

The Relative Strength Index (RSI) indicator on the daily chart supports the bearish outlook. Despite SUI reaching a higher high on Monday, the RSI did not confirm this price action, instead forming a lower high. This discrepancy, known as bearish divergence, often signals a potential trend reversal or short-term price decline.

A continuation of this trend could see Sui testing lower support levels as market sentiment shifts.

#### Potential Invalidations and Upside Scenarios

Despite the bearish sentiment, a break above $2.18 could invalidate this outlook. If Sui's price closes above this key resistance level, it may trigger a renewed rally, potentially setting a new all-time high at $2.87. This target corresponds to the 141.40% Fibonacci extension level, drawn from Sui's early August low of $0.48 to its early October high of $2.17.

For traders and investors, monitoring whether Sui breaks above or holds below the $2.18 mark will be crucial in determining its next price movement.

#SUIPricePrediction #SUIđŸ”„ #CryptoNewsCommunity