SUI, the native token of the Sui blockchain, saw a sharp intraday reversal following an attempted breakout near $2.82, ending a turbulent 24-hour trading window characterized by elevated volume and whipsaw volatility. Despite briefly pushing as high as $2.92, the token ultimately closed near $2.78, reflecting a nearly 4% drop from its intraday peak.
Intraday Swings Highlight Volatile Sentiment
SUI traded within a 7.3% intraday range, fluctuating between $2.71 and $2.92. Early-session strength faded quickly after price action hit a firm resistance near $2.82, which triggered a swift reversal and exposed short-term bullish momentum as fragile.
- At 08:00, heavy selling sent SUI tumbling 9.1% from $2.878 to $2.765.
- A rebound effort near 18:00 briefly lifted the token 1.5% to $2.824, driven by a volume spike of 1.4 million tokens, but was quickly rejected.
- By session end, SUI was consolidating near $2.78, with multiple failed attempts to break above $2.82 confirming that level as critical short-term resistance.
Trading Volume Surges Above Average
One of the session’s most notable developments was the 24-hour trading volume, which spiked 11% above the 30-day average. This surge in activity reflected strong participation from both buyers and sellers and likely contributed to the amplified volatility during price swings.
Volume-fueled rallies and rejections often signal speculative activity or shifting sentiment, and in SUI’s case, the reversal suggests momentum exhaustion near resistance zones.
Support Holding Steady Near $2.72–$2.75
Despite the pullback, support at $2.72–$2.75 held firm throughout the session, with multiple bounces off this range indicating buying interest on dips. However, consolidation around this area hints that traders are reassessing their positions, awaiting further direction before committing to new positions.
Outlook: Caution Ahead
The failed breakout at $2.82, coupled with declining volume in the later hours, signals a likely short-term consolidation phase. For bullish momentum to resume, SUI must cleanly break and hold above $2.82 with sustained volume. On the downside, any break below $2.72 could invite deeper pullbacks toward the $2.65–$2.68 area.
Conclusion
SUI’s volatile session reflects uncertainty among market participants, with sharp moves on both ends testing investor conviction. While strong support provides a buffer, resistance near $2.82 remains a crucial barrier. Traders should watch for volume trends and range breakouts to determine the next directional move.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.