SUI cryptocurrency faces volatility amid technical divergences and Phantom wallet exit

The SUI token is currently experiencing a period of volatility and a short-term downtrend, trading around $0.76. Despite falling below several exponential moving averages, analysts have identified technical signals that may suggest a potential reversal. Specifically, a bullish divergence has been noted on the SUI/BTC chart, featuring a falling wedge pattern and a bullish RSI divergence.

Market sentiment has been influenced by several factors, including SUI ETFs recording 12 consecutive weeks of net inflows, adding over 9.3 million tokens since June. However, recent selling pressure has prevented the token from defending the $0.80 support zone.

Further volatility is expected in late September, driven by a September 24 deadline regarding Phantom wallet ending its support for the Sui Network. While short-term bullish reactions are possible if Bitcoin rallies, significant buying pressure is required for SUI to reclaim the $0.80 and $1.00 supply zones.