Summary: SUI slips after 34% surge – All eyes on THIS support next

Sui's Wild Ride: Navigating Short-Term Selling Pressure Amidst Long-Term Accumulation Sui (SUI) recently captivated the market with a remarkable 34% monthly price surge. However, this impressive rally has given way to immediate selling pressure, with SUI dipping 7.50% in the last 24 hours to trade around $3.77. Profit-taking is evident, as SUI’s trading volume has dropped by 26%, indicating a potential short-term correction. Technical analysis suggests a bearish outlook for SUI in the near term. Having failed to sustain its consolidation above the crucial $4.20 level, the price could further decline, potentially finding support at $3.40. The Relative Strength Index (RSI) also shows waning bullish momentum, pointing towards a period of consolidation or correction. On-chain data reveals a mixed sentiment among participants. Active traders appear bearish, with a long/short ratio of 0.87 signaling a preference for short positions. Conversely, long-term investors are taking advantage of the dip to accumulate. A significant $50 million worth of SUI has been withdrawn from exchanges, strongly indicating accumulation and signaling robust long-term potential. The $4.20 level remains pivotal; a confirmed daily close above it could ignite a fresh 30% rally towards $5.50. SUI is currently at a critical juncture, battling immediate headwinds while benefiting from strong underlying demand from committed holders.