Key Insights
- SUI’s price struggles below major EMAs, with a strong resistance zone holding at $2.17 to $2.55.
- SUI has seen $6.61 million in net outflows on November 14, continuing a trend of negative flows.
- A critical demand zone at $1.75 to $1.65 is under testing, with the potential for deeper declines if breached.
The price of SUI has fallen to $1.78, marking its lowest point in weeks after a sharp decline below key support levels. The token’s latest slide follows consistent negative flows in the spot market and a failed attempt to break through the descending trendline on its daily chart.
According to Coinglass, SUI has seen $6.61 million in net outflows on November 14. This marks a continuation of a trend of negative net flows that has persisted since late September. The data highlights a clear shift in market sentiment, with traders opting to reduce risk by moving tokens to exchanges rather than accumulating them. The lack of sustained positive inflows indicates a bearish outlook for the token in the near term.
Price Struggles Below Key EMA Levels
SUI’s daily chart shows a deepening downtrend as the token remains trapped below all major exponential moving averages (EMAs). Currently, the 20 EMA sits at $2.17, the 50 EMA at $2.55, the 100 EMA at $2.87, and the 200 EMA at $3.04. This alignment creates a powerful resistance barrier that has been difficult to break through. Each attempt to bounce higher in recent weeks has faced rejection at the 20 or 50 EMA, reinforcing the downward pressure from sellers.
The token’s price is now testing a critical demand zone between $1.75 and $1.65, a level that held up earlier this year. A sustained close below this range could signal a deeper breakdown, potentially driving SUI down to support near $1.50. This area has become crucial for bulls looking to prevent further losses and for bears aiming to push the price even lower.
Short-Term Chart Reveals Ongoing Selling Control
On the short-term charts, SUI continues to face heavy pressure. The 30-minute chart reveals an uninterrupted decline from the $2.05 rejection area. Price has moved below the volume-weighted average price (VWAP) band, with each attempt to retest levels around $1.82 to $1.85 being rejected. The Parabolic SAR indicator remains above the price, signaling that the downtrend remains intact.
For any potential reversal to occur, SUI needs to reclaim the $1.85 level, with a subsequent close above $2.00. Even then, a more significant shift in momentum would require a break through the 20 and 50 EMAs, which are positioned between $2.17 and $2.55. If these levels are cleared, SUI could move toward $2.80, but that outcome remains uncertain without a change in the current flow dynamics.
