After holding steady for weeks, Sui’s price slipped beneath crucial support at $2.60 amid a sharp increase in trading activity, signaling heightened volatility and potential market repositioning.
Sui (SUI) faced a sharp 3.4% decline, dropping below its $2.60 support level in a move that caught traders off guard. The breakdown occurred alongside a 180% spike in trading volume, with more than 2.7 million tokens exchanged within a single minute, indicating intense market activity. This sudden shift has pushed Sui into a critical technical zone as investors assess whether the decline marks a short-term correction or a deeper retracement.
Technical Analysis and Market Context
The daily chart shows that SUI broke through a key horizontal support zone near $2.60, a level that had previously served as a stabilizing base since mid-September. The token now trades around $2.49, with immediate resistance seen near $2.85 and strong overhead resistance between $3.40–$3.60.
BitXJournal Technical analysts note that the break below $2.60 could open the door to further downside pressure, potentially toward the next major support area around $2.20. However, the surge in trading volume suggests that significant accumulation or short-term panic selling may be in play.
BitXJournal market strategist explained, “The 180% jump in volume during a support break indicates large orders are being executed — either long liquidations or opportunistic buys. The next few daily candles will confirm whether this is a breakdown or a shakeout.”
Broader Market Sentiment
Despite the local sell-off, Sui’s long-term structure remains intact following its recovery from earlier in the year. Still, macro uncertainty and risk-off sentiment in the broader crypto market have weighed on altcoins. Traders are closely monitoring Bitcoin’s direction around $112,000, as continued weakness in major assets could pressure SUI further.
BitXJournal analyst noted, “If Sui manages to reclaim $2.60 with sustained volume, it would indicate renewed buying strength. Otherwise, a retest of $2.20 is likely before stabilization.”
Sui’s breakdown below $2.60 marks a pivotal moment for the asset. The heightened trading volume underscores increasing volatility and trader indecision at current levels. Holding above the $2.40–$2.50 support range will be crucial in maintaining short-term bullish hopes. Failure to recover could confirm a deeper correction phase as investors await new catalysts to restore confidence in the altcoin market.
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.