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<p>Sui Network’s native SUI token went on an immense run recently, surging from around $0.50 to hit a yearly high of $1.66. However, according to analyst <a href="https://twitter.com/MtukufuMtukutu/status/1755254848675602808" target="_blank" rel="noopener noreferrer nofollow">Teshkid</a>, the party looks to be ending for SUI after such a parabolic advance.</p>
<p>Teshkid notes SUI is breaking down after losing the key $1.50 support level. He sees potential for an extension of the pullback towards the next support zone at the golden pocket between $1.34 and $1.26. Failing to hold above this demand area could open the floodgates for a deeper correction towards the psychological $1.00 handle.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="520" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-1024x520.png" alt="" class="wp-image-434479" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-1024x520.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-300x152.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-767x389.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-1536x779.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-2048x1039.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-296x150.png 296w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-100x51.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-690x350.png 690w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255-788x399.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-255.png 1835w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>On the other side, trader Trade Byte spots a bullish reversal pattern emerging on SUI’s chart in the form of a morning star formation. If bullish momentum returns, Trade Byte <a href="https://twitter.com/Official3Byte" target="_blank" rel="noopener noreferrer nofollow">anticipates</a> SUI rebounding +12% back up to $1.69 resistance.</p>
<p>Zooming out, SUI has been on a tear over the past month, gaining over 80% during the last 30 days. However, downward pressure has built up more recently, with SUI losing nearly 5% over the past week.</p>
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<p>The cooling off in price aligns with the drop in TVL of SUI to $495 million. This is after the total value locked on the network <a href="https://defillama.com/chain/Sui" target="_blank" rel="noopener noreferrer nofollow">peaked</a> at around $500 million but has since fallen back below this threshold. Profit-taking after such vertical appreciation also remains a factor.</p>
<p>In conclusion, viewing SUI’s crucial support and resistance levels objectively, the area spanning $1.25–1.35 stands out as the line in the sand in terms of bullish continuation or bearish invalidation.</p>
<p>A decisive break lower could confirm an exhaustion top is in place and extend losses. Conversely, a double bottom and bounce from this zone keep hope alive for traders targeting a renewed rally towards $1.69 and beyond.</p>
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<p>The post <a href="https://captainaltcoin.com/sui-pulls-back-after-bullish-rally-analyst-shares-next-support-to-watch/" rel="noopener noreferrer nofollow">SUI Pulls Back After Bullish Rally, Analyst Shares Next Support To Watch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

SUI Pulls Back After Bullish Rally, Analyst Shares Next Support To Watch

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