SUI Price Prediction: Will Sui [SUI] Bulls Defend the $2 Support?

Sui [SUI] bulls have defended the $2 support since March. However, as of this writing, there wasn't a sustainable demand from the spot market to guarantee a strong recovery.

Sui [SUI] bulls have defended the $2 support since March. However, as of this writing, there wasn’t a sustainable demand from the spot market to guarantee a strong recovery.

So, what’s next for the Solana killer?

Sui crypto price prediction

Source: SUI/USDT, TradingView

On the 12-hour chart, SUI has held above $2, which doubled as the March 2024 peak and the springboard for the last November pump.

Additionally, the level acted as a weekly bullish order block (cyan). Simply put, $2 was strong support on the higher timeframe charts, and bulls could attempt to defend it.

However, the demand, as denoted by the RSI reading, didn’t paint a bullish picture for the altcoin in the short term.

It slipped below the 50 mark, and the weakening appetite for SUI could cap its short-term recovery prospects.

That said, the Accumulation/Distribution indicator hit a pivotal level and appeared to reverse, a trend that could suggest renewed interest in the altcoin.

However, an RSI rally above the neutral level could confirm this potential accumulation. As such, SUI could consolidate between $2, the Moving Averages and $2.8.

In fact, the 50-EMA (Exponential Moving Average, blue) has been a key resistance since February.

Stagnant market interest

Source: Coinalyze

Coinalyze data supported the potential range-bound price action described above. Notably, as shown by CVD (Cumulative Volume Delta) Spot, spot market demand eased and stagnated in April.

Speculative interest in the derivative segment also fluctuated tightly, as indicated by the OI (Open Interest) rate swings between $300M and $340M.

In fact, with Bitcoin dominance surging to 64%, altcoins, such as SUI, could remain capped in the meantime.

In conclusion, SUI could extend its range-bound price action between $2 and $3 in the short term.

The outlook was based on stagnant spot market demand and rising BTC dominance. Even so, the Accumulation/Distribution indicator suggested a likely reversal to the upside could be in sight.