#SUI is still trading inside a descending channel, but price is now approaching an important support zone that could decide its next major move.
SUI is currently trading around $0.9087, after experiencing continuous selling pressure from the $1.25 to $1.30 area.
The interesting part is that SUI has been forming lower highs and lower lows inside this descending channel. However, price is now testing the $0.89 to $0.93 support zone, which previously acted as resistance before the strong September rally.
If buyers manage to defend this area, we could see a short-term recovery toward $0.98 to $1.02, followed by $1.05 to $1.10 if SUI breaks above the descending resistance trendline with strength.
But if SUI fails to hold $0.89, the support structure would weaken, and price could continue toward $0.82 to $0.79.
If selling pressure increases further, the next major demand zone I'm watching is around $0.67 to $0.69, where buyers previously stepped in before the September rally.
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Bitcoin is on track to close October in the red for the second consecutive year.
Historically, back-to-back negative October closes have been rare, occurring only once before in Bitcoin’s history. The month currently shows a decline of approximately -3%.
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