SUI is attempting to hold a crucial area as support amid the recent market downturn. Some analysts suggest the altcoin’s price is retesting a make-or-break level that will determine the direction of its next big move.
SUI Hits Two-Month Low
On Thursday, SUI is retesting the local range lows after an 8% daily drop from the $3.40 area to a key support level. The recent market pullbacks have momentarily halted most bullish rallies, sending leading cryptocurrencies like Ethereum (ETH) to an eight-week low of $3,800.
Now, SUI’s rally, which was fueled by institutional interest, Digital Asset Treasuries (DATs), and positive developments for the network, has declined over 21% in the weekly timeframe.
The cryptocurrency has seen a strong three-month rally following its early Q3 breakout to its multi-month high of $4.44. The altcoin has hovered between the $3.10-$4.00 levels over the past three months, attempting to break out of this range multiple times.
Last week, SUI’s pr
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