What to Expect from Sui’s Price Action: A Breakdown of Key Insights

• SUI’s price fluctuates between $3.65 and $3.85, offering short-term trading opportunities.
• Key support at $3.70 and resistance at $3.80 will determine SUI’s next move.
• The November 2024 price forecast predicts SUI could range between $3.77 and $5.12.

Sui (SUI) is showing active trading within a defined range, with its price fluctuating between key support and resistance levels. Traders are closely watching SUI’s price action as it approaches the middle of November 2024.

Sui (SUI) has been active in the cryptocurrency market, with its price fluctuating between support and resistance levels. Market observers are watching Sui’s short-term price action. SUI is trading at $3.79, up 0.99% on the day. The asset’s behavior will likely depend on whether it can hold its ground at critical levels.

Current Price Trends

Sui’s price has been oscillating within a defined range, indicating some volatility but also providing potential for traders to capitalize on price swings. Over the past 24 hours, SUI’s price has fluctuated between $3.65 and $3.85, showcasing typical intraday movements. 

The asset’s trading volume stands at $1.42 billion, translating into a volume-to-market-cap ratio of 13.21%. This high ratio suggests that there is considerable trading activity, hinting at a healthy market interest in the token.

Additionally, the circulating supply of SUI is 2.85 billion, with a total supply of 10 billion. This means that only 28.5% of the token’s total supply is currently in circulation, which could influence price dynamics as more tokens enter the market in the future. Hence, investors should keep an eye on the supply levels to assess long-term price stability.

Key Support and Resistance Levels

Sui’s price has found support at the $3.70 mark, a key area where the price has bounced back during previous dips. This level appears to be a critical point for maintaining upward momentum. A break below $3.70 could signal further downside, with $3.65 serving as the next major support level. 

Read also : Will SUI Overtake Solana Before the End of the 2025 Altcoin Season?

On the resistance side, $3.80 remains a significant hurdle for bulls. The price has struggled to sustain above this level, making it a key area for potential upside. Furthermore, the $3.85 mark stands as the highest intraday point, acting as the major overhead resistance that could limit further gains in the short term.

Price Outlook for November 2024

As per Changellyblog data, the price forecast for SUI in November 2024 suggests some fluctuation within the range of $3.77 to $5.12. With a current average price of $4.45, analysts predict that the token could maintain this range, depending on broader market conditions.