SUI, the native token of the Sui blockchain, is hovering around a significant level of technical support, with the token trading in the lower part of its recent range and market watchers questioning whether a bounce could take shape in the days ahead. For readers newer to the asset, Sui is a Layer 1 network developed by Mysten Labs, a startup founded by former Meta engineers who previously worked on the company's Diem blockchain project, and it runs on the Move programming language. The SUI token is used to pay transaction fees on the network and can also be staked.

At the time of writing, SUI was changing hands at $0.6761, with 24-hour trading volume of approximately $159.44 million and a market capitalization of about $2.75 billion, according to CoinMarketCap data. The token was down around 0.25% over the last 24 hours, an indication that buyers have yet to establish a clear short-term recovery.

The structure has drawn the attention of crypto analyst Michaël van de Poppe, founder of trading firm MN Trading and a widely followed market commentator, who stated on X on August 17 that he sees SUI as an interesting accumulation zone. The analyst's view is grounded in how the token behaved during its recent pullbacks, combined with the possibility that the market is getting ready for a new advance.

Two Possible Paths for SUI

Van de Poppe has laid out two possible scenarios for SUI. The first treats the latest drop toward or below the previous low as a higher low at $0.6725. In the event that this price level remains intact, he forecasts SUI heading up rapidly, with a possible resistance zone at $0.745.

The second scenario is more pessimistic. Should the wider cryptocurrency market decline on a weaker Bitcoin, van de Poppe said he would look to buy SUI below the price of $0.65.

That makes the $0.65–$0.67 zone critically important. A successful defense of the area could support the case for recovery, while a further fall would shift attention to entry below this level.

SUI Sits Near Bollinger Band Support

On the TradingView chart, SUI's price of $0.6761 sits below the middle Bollinger Band at $0.68332 and close to the lower band at $0.66844, with the upper band at $0.69820. The token is therefore positioned on the lower side of its range. A move above $0.68332 could open the way for a rise, whereas a slide below $0.66844 could invite further bearishness.

The MACD, meanwhile, shows a positive histogram value of 0.00079, depicting a decline in selling pressure. The MACD line stands at -0.01098, above the signal line at -0.01177 — a very mild bullish indication, though both lines remain below zero.

What Happens Next for SUI

The coming sessions could prove crucial in determining whether SUI converts its existing support into a recovery.

The first level to observe is $0.66844. Above this zone, the higher low remains intact. SUI would then need to break $0.68332 and subsequently $0.69820 to signal an improvement in momentum. A more convincing breakout may take the price toward $0.745, the resistance level noted by van de Poppe.

Conversely, a strong breakdown below $0.66844 would elevate downside risks and bring the $0.65 level into sharper focus. The token could face added pressure if Bitcoin also pulls back.

The bottom line is that SUI currently sits at a critical technical juncture. The token trades near support, which leaves the door open to an upside attempt, but confirmation of the bullish case can only come from a breakout above resistance levels.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.