Positioned among the top losers this week, Sui [SUI] has dropped over 13%, retracing back to $1.70 with a daily dip nearing 10%.

Sui [SUI] began the week trading at $1.79 and dropped as low as $1.70 on Monday morning, notching a daily loss of 9.8% and continuing last week’s downtrend.

However, countering this was a wave of buying pressure that pushed SUI past the $1.75 mark. At the time of writing, SUI was trading at $1.74, up by 1.3% over the last 24 hours.

Despite the morning blues, SUI seemed to be setting itself up for another round of recovery, especially after last week’s 13.7% decline.

A closer look at the price chart revealed a pattern of support and resistance levels that could influence SUI’s next move.

The immediate support was found at $1.68, followed by the psychological level of $1.60. On the other hand, resistance was encountered at $1.78 and then at $1.85.

Relative Strength Index (RSI) showed buying interest remaining subdued.

After a six-month slump, a Grayscale announcement in early August brought traders indirect exposure to the asset, highlighting SUI’s fast transaction speeds and smart contract capabilities.

This helped investors appreciate the token’s true utility and sparked a remarkable upward swing over two consecutive months.

The token achieved a 360% surge to an all-time high of $2.30, even as the market endured two bearish cycles during this period.

Now, a similar pattern is unfolding. On X (formerly Twitter), the developers announced the integration of MemeFi, the largest game on Telegram, into the Sui network.

This announcement once again showcased the network’s impressive throughput.

While this is certainly an encouraging sign to maintain momentum, the impact on the token’s daily transactions – its main USP – has been minimal.

In fact, daily transactions declined from 4.8 million to 4.6 million, along with other key metrics.

However, there has been a notable increase in new wallets entering the ecosystem, rising from 90K to 130K.

This spike suggests fresh interest in the market and is a crucial development for two main reasons:

1) New buyers are viewing the current price as a market bottom, and

2) It indicates growing optimism about SUI’s future potential – a bullish sign.

Unlike the previous cycle, where the RSI soared above the 70 threshold – signaling an overheated market – SUI currently sits at a more comfortable level, with buying interest remaining subdued.

While this may sound bearish, the current position could actually encourage continued buying interest, as there is no significant selling pressure looming.

Coupled with the rise in new wallets, there is a solid chance for the token to rebound.

This might happen by leveraging the ongoing market volatility to attract capital away from high-cap altcoins toward more affordable alternatives.

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