SUI rose 10.4% in the past 24 hours, climbing back above the 9-day moving average and trading near $1.53 at the time of writing. This makes it one of the best-performing large-cap altcoins in the daily timeframe.
However, the broader picture still remains weak. SUI is still down around 6% on the week, nearly 40% over the last 30 days, and more than 50% for the quarter.
The recent bounce followed a sharp decline earlier in November, which left SUI trading near its lowest levels in months. Compared to other major tokens, the drop was deeper, and the token has yet to recover the ground it lost. While this short-term move provides some relief, technical signals suggest caution.
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Momentum Indicators Show Selling Exhaustion, Not Yet Reversal
The rebound followed a test of the lower Bollinger Band near $1.22, a zone that often acts as support in sideways or down-trending markets. Volatility has decreased, with the Average True Range now at 0.16.
The RSI(14) is currently at 34, still below the neutral 50 level, but the faster RSI(7) has climbed to 42. These levels suggest that while downward momentum may be slowing, the overall trend remains weak. The Money Flow Index (MFI), at 24, indicates low buying pressure but may reflect early signs of seller fatigue.
SUI would need to break above $1.75 – where the middle Bollinger Band sits – and then the $1.86 zone, which marks both the 26-day moving average and the 61.8% Fibonacci retracement level. Until those are cleared, the rebound remains technically unconfirmed.
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Resistance Still Dominates the Chart
Despite growing activity on the network reported by several data aggregators, SUI continues to trade below all major resistance zones. The current move appears to be a reaction to oversold conditions, not a break in the longer-term trend. With SUI still down heavily for the month and quarter, the recent recovery remains fragile.
While the short-term move has helped slow the decline, the broader trend remains downward unless buyers can push the price above $1.86 with confirmation. As usual, remember that technical analysis reflects only the current structure of price and volume. It cannot anticipate unexpected shifts in sentiment or external catalysts.
