Market Overview for Sui (SUIUSDT): Sharp 24-Hour Decline Amid Strong Bearish Momentum

• SUIUSDT declined sharply from $3.89 to $3.61 amid heavy selling pressure after 19:00 ET, with a 24-hour low at $3.53.
• A long bearish engulfing pattern formed near $3.83, followed by a sharp breakdown below key support at $3.72.
• Volatility expanded significantly post-20:00 ET, with turnover exceeding $2.597 million in the session’s most active 15-minute candle.
• RSI fell into oversold territory near 28, but failed to trigger a rebound, suggesting bearish momentum remains intact.
• Price appears to be consolidating near $3.54–$3.56 with Fibonacci 61.8% of the $3.89–$3.53 move aligning around $3.55.

Market Overview

Sui (SUIUSDT) opened at $3.8677 on 2025-08-17 at 12:00 ET, peaked at $3.8946, and fell to a 24-hour low of $3.5304 before closing at $3.5428 at 12:00 ET the next day. Total volume was 28,476,291.7 SUI, with a notional turnover of $101,439,814. The asset displayed strong bearish momentum after 19:00 ET, driven by a sharp breakdown and increased volatility.

Structure & Formations

The breakdown below the $3.72 support level was confirmed by a bearish engulfing pattern on the 15-minute chart. A key swing low at $3.5304 may act as near-term support, with a potential bounce expected in the $3.53–$3.56 range. A doji appeared near $3.56 after the sharp drop, hinting at potential short-term indecision, though bearish momentum remains strong.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have been trending lower, reinforcing the bearish bias. On the daily chart, the 50-period MA is above the 100-period and 200-period MAs, indicating a more neutral to bearish stance. The 50-day MA appears to be acting as resistance, with a breakdown below it confirming a deeper bearish phase.

MACD & RSI

The MACD turned negative around 19:00 ET, signaling a bearish crossover and confirming the downward move. RSI reached an oversold level near 28 by early 03:00 ET, but failed to generate a rebound, suggesting a lack of near-term buyers and sustained bearish pressure. A potential bounce could be supported if RSI crosses above 30 with a positive divergence.

Bollinger Bands

Volatility expanded significantly after 19:00 ET, with price breaking below the lower Bollinger Band. This move reinforced the bearish breakout and indicates a period of heightened selling pressure. The widening of the bands suggests increased uncertainty, and price appears to have found a temporary floor near the lower band at $3.53.

Volume & Turnover

Volume spiked sharply after the breakdown below $3.72, with the most active 15-minute candle at 00:00 ET showing a turnover of $2.597 million. Turnover and volume remained aligned with the downward trend, showing no signs of divergence. The lack of buying volume during the RSI oversold condition indicates weak demand, increasing the risk of further decline.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the recent $3.89–$3.53 move aligns with the $3.55 level, where price appears to be consolidating. A breakdown below the 50% level at $3.71 would confirm a deeper bearish phase. The 38.2% level at $3.69 may act as a short-term barrier to any potential rebound.

Sui may remain under pressure in the short term as momentum indicators and key support levels suggest continued selling. A retest of $3.53 could offer a buying opportunity, but traders should be cautious of further volatility and a breakdown below $3.50. Investors should closely watch for a reversal signal or confirmation of a new support level in the coming 24 hours.