Sui price new ATH ambitions stand in this big challenge

The price of SUI has recently struggled to secure $2.00 as a support level, moving further away from this mark as enthusiasm among traders has waned.

The altcoin's recent downtrend reflects the market's cautious sentiment, as it faces challenges in stabilizing the SUI and rallying to a new all-time high (ATH).

SUI wants to push

Market sentiment for SUI is mixed, as evidenced by currency fluctuations that have shifted between positive and negative. This imbalance reflects uncertainty among traders who seem divided on the short-term direction of the SUI.

Such back-and-forth sentiment can often add to volatility and weigh on altcoin prices. Many SUI traders are currently shorting contracts, hoping to profit from the expected decline, which has added downward pressure.

This short-term selling trend indicates that traders are wary of the SUI's immediate prospects, with many expecting more baits. As long as this sentiment persists, the SUI may struggle to move higher. Such speculation can create a self-fulfilling cycle, where low prices reinforce the sentiment of depression, leading many traders to take short positions.

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The SUI macro momentum suggests a cooling trend, especially as the Relative Strength Index (RSI) has been declining since mid-October. Previously, in the overbought zone, the RSI had fallen steadily and is now hovering above the neutral level of 50.0. This decline suggests bullish momentum is slowing, and if the RSI drops below 50.0, it could signal stronger bearish conditions for the SUI.

When the RSI stays above 50, it often indicates the possibility of a price stabilization. However, with an indicator on a steady downward path, the possibility of an imminent reversal is weakening.

SUI Price Prediction: Recovering Losses

Currently, SUI is trading at $1.92 below the $2.03 resistance level. SUI must first break $2.03 to a strong support level to make any way to reach its previous ATH of $2.36. Doing so indicates renewed bullish interest and may attract additional buying momentum.

If SUI fails to cross the barrier at $2.03, the altcoin may continue to consolidate above the $1.69 support. A prolonged consolidation will contribute to market volatility as traders remain fully committed to SUI. This lack of a clear trend keeps the price in a holding pattern, delaying any significant moves towards a new ATH.

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If $2.03 can turn into support as broader market conditions turn bearish, the bearish-neutral outlook for SUI is invalid. Such a turnaround would boost confidence in SUI's direction, which could revive its rallying ambitions and set a new all-time high.