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- SUI shows a consistent pattern of finding support and continuing its upward trend despite short-term retracements.
- Technical indicators like EMA89 and EMA55 suggest strong support, hinting at an imminent bullish reversal.
The market may be less than welcoming, but that doesn’t mean the bullish signal has completely disappeared. At least that’s what crypto analyst Master Ananda is trying to convey in his latest analysis of Sui Network’s native token, SUI.
Retracement or Reversal? Analyst Sees Uptrend Intact
According to Ananda, SUI’s movement is still on an upward trajectory in the medium to long term. Although the last few days have closed in the red since the peak on July 28th, he calls this a normal retracement phase—not the start of a downtrend. As long as the price continues to form higher highs and higher lows, the correction is merely a chance to regain momentum before continuing to climb.
Ananda emphasized that every time SUI declines, the price always finds strong support before continuing to rise. Currently, that support is located in the EMA89 and EMA55 areas on the daily chart—the same two lines that have served as important references in the past.
If these levels hold, a potential rebound could occur sooner than expected. However, he also cautioned that the market is often “mischievous,” sometimes breaking slightly downward before rebounding. So, the possibility of a slight price fluctuation remains, but the setup is still being heated.
This situation is also supported by data from CoinMarketCap, which shows that token has corrected 14% in the past week, then touched a key area at $3.68—the 23.6% Fibonacci level of the July rally. Daily volume also dropped 3.1% to $1.96 billion, indicating somewhat waning buying interest. However, precisely because of this, the $3.40 to $3.60 zone now represents a support point worth watching.
Sui Network Builds Real Use Cases Beyond the Chart
Furthermore, the technological development behind Sui Network is also building a foundation for long-term price movements.
CNF reported a few days ago that Sui Network is now supported by Ika Mainnet, which allows smart contracts on the Sui network to directly control Bitcoin and Ethereum without the need for bridges or wrapped tokens. Through dWallet technology, cross-chain transactions can now be signed via zero-trust smart contracts. This is not only sophisticated but also reduces the security risks typically present with asset bridges.
Furthermore, in early July, Sui also integrated support for tBTC minting. This means Bitcoin holders can access various DeFi services on Sui directly—without the hassle of conversion. They can use tBTC for activities like lending and trading, all leveraging Sui’s threshold cryptography and fast L1 performance. So not only is the chart poised for a rebound, but the ecosystem is also actively expanding its utility.
At the time of writing, Sui was trading at about $3.48, down 1.24% in the last 24 hours. Its market cap is around $12.22 billion, remaining among the top 15 largest cryptocurrencies in the world.
