SUI’s price faced challenges below the $1 resistance but has recently managed to break through. However, technical indicators now point to a potential upcoming price correction. Crucial support levels are recognized at $1.02 and $0.94.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/01/Add-a-heading-1.png?fit&#61;900%2C300&amp;ssl&#61;1" />CryptosHeadlines Platform Has Launched its Native token <a href="https://cryptosheadlinestoken.com/" rel="noopener noreferrer nofollow">Get Waitlisted Now</a>At the end of December and the beginning of January, the price of Sui (SUI) was stuck below the $1 level. However, in the last four days of trading, the bulls successfully broke through this resistance. When we look at the <a href="https://cryptosheadlines.com/ada-sol-dot-lunc-doge-technical-analysis-for-august/" rel="noopener noreferrer nofollow">technical analysis</a> of the token, it shows that the overall trend is very positive. But, after these recent increases, the <a href="https://cryptosheadlines.com/xrp-price-indicates-further-correction-after-0-5-breakdown/" rel="noopener noreferrer nofollow">indicators are hinting that the price</a> might go down soon.<h3 id="sui-price-overview-indicators-trends-and-key-levels">SUI Price Overview: Indicators, Trends, and Key Levels</h3>At the time of this writing, the SUI price stands at $1.40, marking an 8% surge within 24 hours. A glance at the daily chart reveals a breakthrough past the $1.245 resistance, present since May 2023, instilling investor confidence and suggesting an <a href="https://cryptosheadlines.com/upward-trends-predicted-for-sol-ada-near-link-cryptos/" rel="noopener noreferrer nofollow">upward trend</a>.Accompanying this <a href="https://cryptosheadlines.com/pepe-pepe-spot-trading-volume-surges-over-2-7-billion/" rel="noopener noreferrer nofollow">surge is the On-Balance Volume</a> (OBV) indicator, indicating a robust upward trend over the last six weeks. However, caution is warranted as the Relative Strength Index (RSI) has surpassed the 68 level, <a href="https://cryptosheadlines.com/eu-regulator-signals-potential-veto-on-large-stablecoins-in-mica-approval-process/" rel="noopener noreferrer nofollow">signaling potential</a> overbuying pressure in the altcoin. While not a definite indicator of a pullback, it serves as a cautionary signal for market conditions and the possibility of a price retracement.Examining Fibonacci levels, crucial support exists at $1.02 and $0.94, with the latter holding significance as a robust support zone dating back to one month before June 2023. Despite being an older <a href="https://cryptosheadlines.com/matic-usd-price-struggles-to-rebound-testing-support-levels-ahead/" rel="noopener noreferrer nofollow">support level</a>, the psychologically important $1 mark remains vital for bullish defense in most cryptocurrencies.<h3 id="sui-market-sentiment-and-indicators-caution-amidst-decline-signs">SUI Market Sentiment and Indicators: Caution Amidst Decline Signs</h3>In the past 24 hours, there has been a subtle indication of decline in SUI’s <a href="https://cryptosheadlines.com/bitcoin-witnessing-third-week-of-outflows-suggesting-negative-market-sentiment/" rel="noopener noreferrer nofollow">market sentiment</a>. The Open Interest rate slipped from $185 million on January 13 to $157.4 million within the next 24 hours. Despite the price surpassing $1.4, futures traders seem to be adopting a cautious approach, waiting for the next market entry level.Analyzing the Spot CVD, after a price increase starting on January 11, there was a period of flatness. However, recent transactions revealed a renewed upward movement in the price. According to Spot CVD, the equilibrium between buyers and sellers was disturbed. If another decline occurs, there is a possibility that the balance may tilt in favor of sellers, potentially resulting in a price drop.<a href="https://cryptosheadlines.com/blackrock-bitcoin-etf-ibit-surges-25-pre-market/" rel="noopener noreferrer nofollow">Also Read: BlackRock Bitcoin ETF (IBIT) Surges 25% Pre-Market</a>Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

SUI Token Price: Analysis & Outlook

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