SUI is approaching a long-term support region that has guided its broader market structure since mid-2023. The asset continues to trade under near-term pressure, yet its position within the channel attracts renewed attention from market participants.
Long-Term Channel Behavior Revisited
SUI appears early as the asset moves toward the lower boundary of its ascending weekly channel. This structure has defined broader market behavior for more than a year. Each major cycle has formed around clean interactions with the trendline.
Market analyst commentary, including a post from Ali (@ali_charts), notes that the previous touch of this bottom channel zone triggered a 1,060% rally. That expansion carried price through several resistance bands before reaching the upper boundary. The current structure mirrors that setup as SUI again approaches the same area.
The weekly chart indicates that the channel is not broken. Both higher-low and higher-low formations are persistent even against current selling pressure. Trendline interactions often draw liquidity, and traders tracking longer cycles frequently react to these levels. This keeps the broader structure active and relevant.
Return to the Demand Zone
Ali’s recent tweet suggests that if the historical pattern remains intact, SUI could attempt an 860% move toward $20. This projection aligns with the extended upper boundary of the channel into 2026. It reflects the same geometric structure that supported the earlier expansion.
The chart also shows that prior reactions at the bottom trendline included sharp liquidity wicks. A similar move remains possible as price revisits this zone. Such volatility occurred before buyers gained control during the earlier cycle. The chart signals that this type of movement can reappear during transitional periods.
Although volume is not shown on the long-term chart, previous reactions at this zone have produced strong directional moves. Traders often look for candles with long lower wicks or weekly range compression. These forms may indicate renewed interest in structural support.
Short-Term Market Conditions
Short-term activity shows the token trading near $1.80, a 9.9% daily decline. It has traded within the range of $1.79-$2.04 in the last 24 hours. The chart reflects a steady downward move with failed intraday recoveries. Selling pressure continues to dominate despite occasional attempts by buyers.
Trading volume remains consistent at more than $1.24 billion. This suggests orderly activity rather than a panic-driven decline. Liquidity remains strong even as sellers maintain control. There has not been extreme spikes or contractions in participation in the market in the move.
The market capitalization is close to 6.63 billion and circulating supply is 3.68 billion tokens. The fully diluted valuation remains higher at $18 billion. Supply distribution continues to shape long-term expectations as SUI trades near a critical structural level within its established channel.