Sui (SUI) is gaining traction as traders attentively monitor its pricing trends and developments within the network. Critics note that despite recent price declines, the asset’s fundamental structure appears intact.

As of now, SUI’s trading price hovers around $2.7, reflecting a decline of over 20% in the past week but remaining above notable support lines.

Price Holds Above Key Support Zone

On the weekly chart, SUI finds support above $2.63, showcasing a pattern of higher lows, indicating persistent buying interest despite price dips. This formation is typically observed during accumulation periods prior to a breakout attempt.

Analyst Michaël van de Poppe noted that a similar pattern reemerged before the late 2024 rally, expressing that the current trend “still shows strength,” as support levels hold firm and no significant breaks have occurred in the overall structure.

SUI has consistently encountered resistance at $4.20. Despite previous retracements, the asset’s lows have trended upward, suggesting a weakening resistance position, although a breakout may not be imminent.

Price Chart Source: Michaël van de Poppe/X

Van de Poppe remarked that “resistance becomes weaker” with such build-ups. If SUI gains momentum above $4.20 with substantial volume, it could hint at an impending rally toward new highs, while the current price remains within a lateral range between its support and resistance levels.

Triangle Break Prompts Varied Opinions

Contrastingly, Lark Davis shared a different perspective, highlighting that SUI fell below a crucial trendline forming part of an ascending triangle during a sharp sell-off. This line has now transitioned into a resistance barrier.

According to Davis, if SUI re-establishes itself within the triangle, it could confirm a false breakdown. However, should it fail to reclaim that territory, the risk of further declines persists, particularly if price levels do not retake that specific zone.

Network Activity and Institutional Growth

Additionally, Van de Poppe indicated that substantial network growth is crucial for SUI’s long-term prospects. Grayscale has initiated trusts linked to projects within the ecosystem, further augmenting belief in SUI’s growth potential. Over recent months, total value locked (TVL) in stablecoins and Bitcoin on SUI has increased.

Recently, Bluefin DEX, a decentralized exchange within the Sui ecosystem, reached record trading volumes in October. Meanwhile, Sui has partnered with Figure Technology to introduce the YLDS token, which is supported by short-term Treasurys and repo agreements.

The stable support combined with the expansion of the ecosystem and early moves toward institutional involvement keeps SUI in the spotlight for traders seeking potential gains.