New All-Time High for SUI Price Not on the Horizon

$SUI price has been experiencing an upward trend recently, making it a potential contender for reaching a new all-time high ($ATH). However, shifting investor sentiment suggests that the altcoin may struggle to achieve this milestone.

Despite its recent gains, $SUI’s momentum appears to be faltering as technical indicators show signs of an upcoming market shift.

$SUI Gains Unlikely

One of the main concerns for $SUI’s price action is the tightening of the Bollinger Bands, which signals an impending volatility squeeze. A squeeze occurs when the Bollinger Bands narrow, typically followed by a sharp price movement, either up or down. The significant drop in trading volume further confirms that a squeeze is likely approaching.

This upcoming squeeze could lead to heightened volatility for $SUI, and while there is a possibility for a rally, it could just as easily result in a price drop. The lack of volume shows that investor activity is waning, which may mean a lack of sufficient support for pushing the altcoin to a new $ATH.

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$SUI Bollinger Bands. Source: TradingView

$SUI’s macro momentum also presents some concerns. The moving Average Convergence Divergence (MACD) indicator is showing early signs of a bearish crossover, a pattern that typically signals a trend reversal towards the downside. This is particularly notable because it would be the first bearish MACD crossover in nearly a month for $SUI, suggesting that the volatility from the squeeze might favor the bears.

With this bearish crossover, it becomes more likely that $SUI’s price will face pressure to decline. This adds weight to the argument that $SUI may not be ready to form a new $ATH in the near term. The confluence of technical indicators is hinting at a potential reversal that investors should be cautious of.

$SUI MACD. Source: TradingView

$SUI Price Prediction: Loss Ahead

$SUI’s price is currently hovering at $1.74, just above the critical support level of $1.70. If the support is lost, the altcoin could fall further, leading to a larger price drop.

Given the current technical indicators, a decline to $1.45 is plausible, and if investors start selling, this drawdown could extend to $1.16. Such a move would further diminish the chances of $SUI hitting a new $ATH anytime soon.

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$SUI Price Analysis. Source: TradingView

However, if the broader market shows bullish strength and manages to overpower the current bearish sentiment, $SUI could rise to $2.18. Breaching this level would invalidate the bearish outlook and set the stage for $SUI to form a new all-time high.