- Sui trades near $2.67, maintaining a bearish tone after a confirmed breakdown from its ascending triangle structure.
- Despite losses, long/short ratios show traders remain optimistic with more than twice as many longs as shorts.
- A reclaim above $2.80 could restore momentum, while rejection near resistance risks deeper continuation.
Sui ($SUI) is under pressure after losing key structural support, trading near $2.67 as traders assess whether the asset can reclaim its former ascending triangle or face continued weakness amid volatile market conditions.
Market Structure and Technical Breakdown
Sui’s weekly chart reveals a decisive structural shift following a breakdown from its ascending triangle pattern. The setup, typically bullish, was invalidated when the price fell below the triangle’s support line during the market’s recent flash crash. That same support zone has now turned into resistance, establishing a clear level of contention between buyers and sellers.
Lark Davis (@TheCryptoLark) observed that the asset’s next move is straightforward: if Sui reclaims the broken trendline and re-enters the ascending triangle, the bullish setup resumes; failure to do so signals deeper losses ahead. The current trading range around $2.80–$2.90 sits just beneath this key level, where bulls must regain control to shift momentum.
If Sui successfully closes back inside the formation, upside targets between $3.80 and $5.00 come into play. Conversely, rejection at resistance could confirm sustained bearish sentiment, opening the path toward $2.00 or lower support zones. The setup remains binary — reclaim or reject — defining the next decisive phase for price direction.
Short-Term Decline and Market Participation
SUI’s intraday chart shows a steep drop from an early-session high of $2.88 to a low near $2.67, a decline of 5% in the past 24 hours that completes a 24% drop of seven days and a like 30 day drop. Trading volume is still healthy at $1.23 billion, which indicates active rather than thin trading.
Market data indicates that earlier sessions were mainly selling sessions with some restful periods in the area $2.65–2.67. This flattening slope suggests short-term exhaustion among sellers as price attempts to consolidate near support. The pattern represents controlled correction rather than panic, hinting that accumulation interest may slowly return at current levels.
Sui maintains a circulating supply of 3.63 billion tokens against a 10 billion maximum, with a market capitalization near $9.69 billion. The fully diluted valuation of $26.72 billion reflects strong capitalization but could limit rapid appreciation if new supply enters circulation.
Derivatives Positioning and Sentiment Outlook
On the derivatives front, trader sentiment appears cautiously optimistic. The Binance SUI/USDT long/short ratio (accounts) stands at 2.14, while top trader positions register at 2.06. Similarly, OKX reports a ratio of 1.73. These metrics indicate that most traders continue to favor long exposure despite the prevailing downtrend.
This divergence between price action and positioning introduces two potential scenarios. A new bullish move or a possible short squeeze could follow a reclaim above $2.80. On the other hand, continued rejection below resistance will increase liquidations among currently too long traders, enhancing downside movement.
Broader sentiment still remains mixed, though the immediate structure of Sui is still fragile. The $2.80-$2.90 area must come back over to regain technical health. Until that happens, the asset will likely drift rangebound and somewhat defensively, waiting to define a decisive price move that can determine the next directional move.
