Market Overview: Sui/Tether (SUIUSDT) on 2025-09-23

• SUIUSDT opened at $3.3637, peaked at $3.404, and closed at $3.3696 with a 24-hour drop of 1.02%.
• Price consolidated within $3.36–$3.38, marked by multiple doji and indecisive 15-minute candle patterns.
• Momentum shifted to overbought conditions mid-day but reversed to bearish pressure before the 24-hour close.
• Notional turnover surged past $9.7M, with volume spikes aligning with key pullbacks and breakouts.
• Volatility expanded during the midday sell-off, testing lower Bollinger Band support at $3.3250.

Sui/Tether (SUIUSDT) opened at $3.3637 on 2025-09-22 at 12:00 ET and closed at $3.3696 by 12:00 ET on 2025-09-23. Price action saw a high of $3.404 and a low of $3.2976, with a total trading volume of 19,964,642.3 SUI and a notional turnover of $67,990,512.30 USD. The pair displayed mixed momentum with significant consolidation in the final hours.

Structure & Formations

The 24-hour chart reveals key resistance clustered between $3.38–$3.40, with a failed breakout observed during the early morning hours. The price found support at $3.35–$3.36, forming a potential bullish base. A notable bearish engulfing pattern emerged between 01:15 ET and 01:30 ET, signaling a shift in sentiment. A long-legged doji at 02:30 ET and a similar formation at 03:30 ET highlighted indecision at critical levels.

Moving Averages

On the 15-minute chart, the 20-period SMA sits around $3.3655 and the 50-period SMA at $3.3705, with the price oscillating just below the 50 SMA. Daily moving averages (50/100/200) are aligned above the current price, indicating a bearish bias from the longer-term perspective.

MACD & RSI

The RSI moved into overbought territory (72–76) mid-morning before correcting back into neutral (55–65), suggesting a potential bearish reversal. The MACD histogram has been flat for most of the session, with a minor bearish crossover observed in the final 2 hours, aligning with the RSI pullback and confirming a shift in momentum.

Bollinger Bands

Bollinger Bands contracted between 03:00 ET and 04:00 ET, followed by a sharp expansion as price plunged to $3.3001. The current price of $3.3696 is positioned just below the 15-minute middle band, indicating moderate volatility and a potential bounce scenario off the lower band support at $3.3250.

Volume & Turnover

Volume was unevenly distributed, with significant spikes observed during key price levels. The most notable was at 03:00 ET, where a 988,857.7 SUI volume moved with a price drop to $3.3001. Notional turnover reached a high of $2.8M during this period. Divergence between volume and price during the final 3 hours suggests a potential reversal as volume waned despite a modest price rebound.

Fibonacci Retracements

The recent 15-minute swing from $3.3001 to $3.404 saw price retrace to 61.8% at $3.3696, which coincides with the current price. Daily Fibonacci levels suggest a 38.2% retest at $3.38 and a 61.8% level at $3.355 as potential reversal zones for the next 24-hour period.

Backtest Hypothesis

Given the recent consolidation near the 61.8% Fibonacci retracement and the bearish divergence in RSI, a potential backtest hypothesis could be to enter a short position with a stop-loss above $3.38 and a target at $3.35. This aligns with the bearish engulfing patterns and MACD divergence observed. If price rebounds above $3.38 and breaks the 50-period SMA, a reversal into longs might be considered for a counter-trend bounce. This setup would be best tested using 15-minute data with a focus on RSI and volume confirmation.