The price of SUI dipped to $0.85 Thursday, with technical indicators flashing oversold signals while large holders have maintained a strongly bullish position. The relative strength index (RSI) hit 32, a level typically associated with a market that may be due for a bounce. Meanwhile, whale positioning data shows 70% of major holders are long, suggesting that the largest investors aren't running for the exits.
Oversold Signal
An RSI reading below 30 is often considered oversold, and at 32, SUI sits just above that threshold. The metric measures the speed and magnitude of recent price changes — a low number typically indicates that selling has been heavy and the asset may be undervalued in the short term. That doesn't guarantee an immediate turnaround, but it does place SUI in a territory where traders often look for entry points.
Whale Positioning Stays Long
Despite the recent slide, wallets classified as whales — accounts holding large amounts of SUI — have kept 70% of their positions long. That level of conviction among big holders often signals confidence in a recovery. If those whales start covering or flipping short, that could add downward pressure, but for now the data points to a group that expects higher prices ahead.
Price Path: Support and Target
Analysts tracking the token see a potential move toward $0.75 as the next support level. A drop to that area would represent roughly a 12% decline from the current price. From there, the same projections call for a rally to $1.20 within eight weeks — a gain of about 60% if the scenario plays out. No catalyst was specified in the forecast, but the move would depend on broader market sentiment and whether SUI can hold above $0.75 without a deeper breakdown.
What Comes Next
The immediate test is whether SUI’s price stabilizes above the $0.75 support level. If it does, the path toward $1.20 becomes plausible. If it breaks below, the oversold RSI could deepen further, and whale positioning would face a real stress test. The next few trading sessions will show whether the current holders' optimism is justified or if more downside is in store.
