SUI price defends key support despite recent token unlock

Sui price continues to hold above its key support zone despite the recent token unlock and is eyeing a potential bullish reversal if it can break above a key resistance level of $2.52. Sui ( SUI ) is currently trading at $2.31, hovering above the key support zone between $2.10 – $2.20, despite the recent token unlock on April 1. The price has been holding this level since March 11, after it had reached its lowest low of around $2 this year, following the crash from its all-time high of $5.35 on Jan. 6. You might also like: $151M in SUI to be unlocked this week. Will SUI price falter? However, SUI price is still in a clear downtrend as it’s trading below both the 20-day Exponential Moving Average at $2.41 and 50-day Simple Moving Average at $2.67. The 20-day EMA is acting as immediate resistance, which SUI attempted to break it in late March and even briefly touched 50-day SMA, but faced rejection. RSI is at 45.09, meaning the momentum is weak but improving. RSI-based MA is at 46.35, showing that the strength of buyers is slowly increasing, but it’s still below the 50-neutral mark, so bulls aren’t in control yet. No major spike in volume is currently evident, meaning the market remains uncertain. Source: TradingView That being said, the chart is looking mildly bullish, especially considering that SUI has been holding above its key support zone between $2.10 – $2.20 for several weeks now. Plus, the price hasn’t made a new lower low since March 11 and has tested the 20-day EMA multiple times, meaning that buyers are challenging the short-term resistance. If the price continues to hold the current support and breaks out above the next resistance zone at $2.50 – $2.55, it could lead to a trend reversal, with the next major resistance at $2.67 (50-day SMA). Similarly, technical analyst Ali Martinez recently noted that SUI price has formed an inverse head and shoulders pattern, which may point to a short-term bullish reversal if it breaks past $2.52. You might also like: Canary Capital adds SUI to crypto ETF filings