SUI's technical analysis shows some unfavorable signals, with momentum indicators displaying bearish divergence. On-chain data shows that the current market outlook is not optimistic, with a bull-to-bear ratio below 1 and daily trading volume declining.

If the daily candle closing price exceeds $2.17, the bearish view may be overturned.

On October 13, SUI's price reached an all-time high of $2.36, but there has been a pullback by Tuesday. Technical analysis and on-chain data indicate that there may be further declines in the short term, as momentum indicators show divergence and trading volume is decreasing, indicating weakening upward momentum.

Recently, SUI's performance has been somewhat sluggish

It has already dropped over 14% since the peak on October 13. As of writing, the price is around $2.00.

At the same time, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) also show a bearish trend on the daily chart. Although SUI set a new high on October 13, the RSI during the same period showed a low, a situation known as bearish divergence, which often leads to a trend reversal.

If SUI continues to decline, it may fall another 18% from the current $2.00 position, testing the 61.8% Fibonacci retracement level, which is $1.64.

Coinglass data also supports the bearish view. The bull-to-bear ratio for SUI is 0.866, the lowest level in a month. This ratio reflects the market's pessimism, as being below 1 indicates that more traders believe asset prices may fall.

Another factor supporting the bearish view is the recent decline in traders' interest and liquidity in the SUI chain. Coinglass data shows that SUI's daily trading volume has dropped from $4.02 billion on October 16 to $1.05 billion by Sunday, having been decreasing since early October.

However, if SUI's stock price closes above $2.17, the bearish view will no longer hold. This situation could prompt a rebound in stock price, challenging the historical high of $2.36 again.