Market Analysis: SUI and PENDLE in Focus After Recent Drop
In recent weeks, SUI and PENDLE have experienced selling pressure, mirroring the broader market’s volatility. SUI saw about a 14% drop due to an upcoming token unlock, which will add over 64 million tokens to circulation, potentially affecting its price. Despite this, traders remain somewhat optimistic, especially as the Sui network recently reached $1 billion in Total Value Locked (TVL), a sign of strong adoption.
PENDLE, meanwhile, has seen more cautious sentiment with a slight 1.47% dip over the past week. The platform’s feature for trading future yields is attracting DeFi enthusiasts, but traders are closely watching support levels for potential reversal opportunities.
Technical Indicators and Short-Term Trends
• SUI: On the 4-hour chart, SUI shows mixed signals. The MFI (Money Flow Index) is in the oversold zone, suggesting possible buying interest, while the MACD has yet to confirm a reversal. Immediate resistance is around $1.79, with support at $1.64. A break above resistance could bring a short-term retest of the $2 level.
• PENDLE: PENDLE appears to be stabilizing, with primary support at $4.10 and resistance at $4.60. The Stochastic RSI hints at a slight recovery, but overall sentiment remains neutral.
With ongoing volatility, short-term movements will be critical in assessing whether SUI and PENDLE can sustain a recovery or if further selling pressure will impact trends. Keep an eye on these indicators and support levels for potential opportunities before buying or selling. Always #Dyor #sui #pendle
