SUI’s latest rejection at a key resistance area has handed control back to the bears, leaving the asset trapped in an ongoing downtrend. As downward momentum continues to dominate, attention shifts to key support levels that could determine whether SUI heads for further losses or approaches a potential bottom.
SUI’s fifth wave decline keeps the bears in check
More Crypto Online’s analysis highlights that SUI continues to face significant downward pressure, indicating that the market is still likely experiencing a fifth downward wave. While the higher timeframe structure remains open to interpretation and allows for both bullish and bearish outcomes, the prevailing trend remains clearly toward lower prices.
The leading scenario indicates a critical support region between $0.65 and $0.49. This zone is identified as the potential base where a corrective wave B could end, paving the way for a meaningful low. However, until assets can stabilize within this range, the structural trend should be considered bearish.
A more pessimistic risk scenario for white counts is also being monitored. This bearish alternative would gain significant traction if the market fails to hold the support cluster between $0.65 and $0.49. A breakdown below this level would mean that the current correction is likely to continue.
Ultimately, SUI is rapidly approaching this key support area, which serves as the primary zone to monitor for signs of stabilization. While this is the key area for potential buyers, any credible bullish case remains dependent on the market showing a clear five-wave advance after reaching these support levels.
Rejection at microresistance indicates more downside risk
After a rejection from the micro-resistance zone between $0.747 and $0.855, crypto analyst MCO Global notes that assets are likely to see at least one, and possibly two, additional lows. While the structural interpretation is complicated by the distortion caused by October’s flash crash, the analyst maintains that the overall downward direction remains clear.
The key support levels are currently set at $0.65 and $0.49. These areas will be critical in determining whether the asset can find a bottom or whether current momentum will push it into deeper territory. As long as the price remains below the resistance zone, the market will continue to operate in a sustained downtrend.
The analyst emphasizes that a breakout above $0.855 is the primary requirement to change the narrative. If this is achieved, it would be the first technical signal that the intense downside pressure is finally starting to ease. Until such a move occurs, SUI remains anchored in the current bearish structure.