- SUI is facing strong resistance near $3.45, with bearish technical signals pointing toward a possible drop to the $3 support level or lower.
- Despite price pressure, network fundamentals like rising TVL and stablecoin growth indicate underlying strength.
SUI is back in the spotlight—this time for its struggle to hold ground above a key resistance. After a modest 2% gain today, the token is trading around $3.30, yet pressure near the $3.45 resistance is building. Is SUI on the brink of a deeper drop toward $3 or even lower?
Price Analysis: Resistance Piles Up
The recent price action on SUI’s 4-hour chart shows mounting signs of bearish dominance. After failing to reclaim the $4.20 level, SUI is now locked in a corrective phase. Lower highs and a sloping resistance trendline suggest a weakening bullish grip.
The $3.33 to $3.44 zone—formerly a support area—is now acting as a resistance cluster. To add to the bearish outlook, the 50-period EMA at $3.41 looms overhead, while the RSI struggles below the midpoint, hinting at fading momentum.
More concerning is the potential negative crossover between the 100- and 200-period EMAs, a classic bearish signal. If SUI breaks below the $3.03 support level, the next stop could be the 50% Fibonacci retracement level at $2.71.
However, all is not lost. A strong close above $3.45 and the 23.6% Fibonacci level could revive bullish sentiment and open the path back to $4.20.
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Derivatives Market: Traders Stay Cautious
Data from the derivatives market shows open interest up by 1.72% to $1.43 billion—signaling growing attention—but liquidations remain nearly balanced. Longs and shorts are nearly neck and neck, suggesting traders are undecided and waiting for a breakout in either direction.
Network Fundamentals Offer Hope
Despite price pressures, the SUI network shows signs of resilience. TVL has rebounded to $1.75 billion following the Cetus hack dip, and stablecoin market cap is up over 8% this week, now standing at $1.10 billion. These developments hint at growing network utility and user trust.
On the Brink of a Decision
SUI’s price action may look shaky, but underlying fundamentals are quietly improving. A decisive move above $3.45 could signal a bullish turnaround. Until then, eyes remain on the critical $3 support—will it hold, or will the bears seize control?