- SUI’s downward channel continues to favor sellers, and the $0.90 resistance level and $0.75 support level dictate the next potential price action.
- Nearly 493,000 new accounts appeared within seven days, although sustained activity remains necessary to establish stronger adoption across Sui.
- RSI 39.31 is weak momentum and a negative MACD signal exposes any attempts at recovery from the sell pressure.
SUI price faces continued selling pressure despite rising network participation, as account growth approaches 250 million. The daily chart shows declining momentum, leaving buyers with several resistance levels to overcome.
SUI Account Growth Meets a Weakening Price Structure
Benjamin’s commentary on X draws attention to Sui’s recent account expansion. The network reportedly added 492,665 new accounts within seven days. Its total account count reached 249,132,537, approaching the 250 million milestone.
The account dashboard also recorded 455,171 active accounts during the period. New registrations fluctuated considerably, with sharp increases appearing around November 3. Another pronounced spike emerged near November 8, following several uneven sessions.
However, account creation and price performance currently tell different stories. The network is attracting registrations while its token remains inside a declining structure. This contrast places network participation alongside technical weakness in the current assessment.
The account figures suggest expanding interest in Sui’s blockchain services. Nevertheless, registrations alone cannot confirm sustained usage or individual user growth. Continued activity across subsequent periods would provide a clearer adoption picture.
SUI Price Remains Inside a Descending Channel
The daily chart shows SUI retreating after its September rally. The token climbed from approximately 0.65–0.75 before accelerating toward $1.30. That advance lost momentum near its peak, triggering October’s extended pullback.
SUI currently trades at $0.85281, according to the supplied chart. Its price action has formed lower highs and lower lows. These movements have established a descending channel that continues restricting rebounds.
The channel’s upper boundary acts as immediate resistance for recovering buyers. Meanwhile, the lower trendline provides a reference for potential downside. The $0.90 region remains an important obstacle during any attempted rebound.
A sustained move above the channel could change the immediate technical outlook. However, buyers would still face resistance around 0.95–1.00. Reclaiming $1.00 would provide stronger evidence against the prevailing bearish structure.
RSI and MACD Keep Downside Risks in Focus
The Relative Strength Index is 39.31, which is below its average. That average is at 39.67, both of which are under 50. This positioning shows that bearish momentum remains greater than buying momentum.
RSI is getting close to oversold but is still above 30. This means that the indicator is not indicating conventional oversold status. Further declines remain possible without an immediate momentum reversal.
The MACD also reflects continuing weakness across the daily chart. Its line stands at -0.03995, below the signal line at -0.03643. The histogram remains negative at -0.00352, keeping the momentum reading bearish.
However, the histogram’s relatively small magnitude suggests selling pressure could be easing. That is not enough to form a bull market reversal. Further price action would be required to validate any strengthening.
From there, a breakdown in the channel can see a channel support around $0.75. The earlier $0.70 region may become relevant if selling intensifies. Conversely, a rebound above $0.90 could bring the upper trendline into focus.
SUI’s account expansion and technical performance currently present contrasting signals. A rise in registrations doesn’t necessarily mean a rise in token demand. Price recovery will rely on buyers overcoming resistance and regaining momentum.
The coming sessions may clarify whether the lower channel boundary holds. Until a breakout develops, sellers retain an advantage within the existing structure. The $0.75 support and $0.90 resistance remain key levels to monitor.
