SUI Technical Analysis Feb 1

SUI’s 24-hour trading volume reached 990 million dollars, showing high participation in the recent decline, which indicates strong selling pressure. Volume is giving distribution signals despite the price entering the oversold region, and market sentiment is bearish.

Volume Profile and Market Participation

SUI’s current volume profile stands out with a trading volume of 990.41 million dollars in the last 24 hours. This level shows an increase of over 150% compared to recent weekly averages, and high volume participation during the downtrend reveals that market participants are aggressive in the selling direction. In volume profile analysis, as the price retreats to the $1.15 level, volume nodes (high volume nodes) are concentrating in the $1.20-$1.30 band; this region functions as a strong resistance. Unlike low-volume rises, today’s 6.88% decline is supported by high volume, which reflects healthy bear market participation. In terms of market participation, it is becoming difficult to distinguish between retail traders’ panic sales and big players’ position closures, but the volume increase is more pronounced in down moves. This indicates that the overall market sentiment is bearish and increases the risk of testing the $1.0328 support level.

Accumulation or Distribution?

Accumulation Signals

Accumulation signals are limited; although RSI is at 23.16 in the oversold region, volume remains high on declines, which prevents the low-volume base formation ideal for healthy accumulation. In multi-timeframe (MTF) volume context, the 1S/3R and 2S/1R levels on 1D and 3D timeframes point to potential accumulation zones around $1.0328, but the weekly 2S/4R balance is resistance-weighted. If volume decreases here and price stabilizes, institutional accumulation may begin – for example, look for quiet buying traces at value area low (VAL) levels in the volume profile.

Distribution Risks

Distribution warnings dominate: High-volume down candles, especially below EMA20 ($1.44), show smart money selling. Combined with Supertrend bearish and MACD negative histogram, the rejection from $1.1534 resistance confirms distribution. Among the last 11 strong MTF volume levels, the abundance of resistances (total 8R) implies that big players are extinguishing volume on upside tests. This pattern resembles the classic Wyckoff distribution phase; if volume decreases as price climbs, selling pressure may increase.

Price-Volume Confirmation

Price action is perfectly confirmed by volume: The 6.88% decline occurred with 1.5 times average volume, reinforcing bear market dominance over weak rally attempts (low volume). Healthy volume should increase on up moves and decrease on downs; here the opposite is observed – no divergence, pure bearish confirmation. Despite RSI being oversold, volume isn’t dropping, meaning capitulation hasn’t completed yet. Look for volume spikes at $1.2251 resistance confirming distribution, and potential volume gap (low volume gap) at $1.0328 support; if broken, it opens bearish target to $0.5740.

Big Player Activity

Big player patterns are evident on the high-volume down day: Whales are likely closing positions from the $1.46 Supertrend resistance, as MTF resistance levels (69/100 score) were tested with volume. Institutional activity is visible in volume profile upper tails (high-volume rejections); this signals distribution of long positions. For healthy institutional buying, low-volume sideways consolidation followed by up breakout volume is required – current high volume selling requires caution. Monitor whale wallet movements, but volume spikes appear synchronized in spot and futures. Check detailed data in SUI Spot Analysis and SUI Futures Analysis.

Bitcoin Correlation

BTC at $78,338 with a 5.89% decline in downtrend, Supertrend bearish – risky for altcoins like SUI. If BTC supports at $77,897 and $75,720 break, SUI’s correlation beta (about 1.5x) will test $1.0328 support. If BTC stabilizes above $80,285 resistance, altcoins may see relief, but rising dominance is suppressing SUI volume. Key BTC levels: Support breakdown triggers SUI bear target ($0.5740), resistance break opens $1.6962 bullish target.

Volume-Based Outlook

Volume-based outlook is bearish but with oversold RSI, capitulation is near: High volume declines confirm distribution, expect volume dry-up at $1.0328 – if it holds, accumulation begins. Short-term short bias, longs need $1.1534 break + volume confirmation. Overall, volume price analysis is bearish without divergence; market participation is sales-focused, institutional recovery requires BTC stabilization. Note: 11 MTF volume levels are resistance-weighted, limiting upside.