Market Overview for Sui/Tether (SUIUSDT)

Summary
• Price declined by -2.48% on 24-hour volume of $10.84 million, with oversold RSI below 28.
• A large 5-minute bearish engulfing pattern formed at 1.8305, confirming bear momentum.
• Bollinger Band contraction in the early hours of the session pointed to higher volatility later.
• Volume spiked during the 15:00–16:00 ET window, coinciding with a 4.3% price decline.
• Key support identified at 1.7800 (Fibonacci 61.8%), now under pressure following the breakdown.

At 12:00 ET on 2026-01-08, Sui/Tether (SUIUSDT) opened at 1.8494, reached a high of 1.8567, and closed at 1.7853 after hitting a low of 1.7411. Total volume reached 14.44 million SUI, with notional turnover of $25.76 million over 24 hours.

Structure and Key Levels

Price action showed a decisive breakdown below key support at 1.8100 on a large bearish engulfing candle, confirming bearish momentum. A 5-minute doji appeared near 1.8305, signaling indecision before the final leg down. Fibonacci retracements suggest 1.7800 (61.8% of the recent leg down) may act as a near-term floor.

Momentum and Volatility

RSI dropped to 27 during the session, indicating oversold conditions, while MACD showed a bearish crossover with negative momentum. Bollinger Bands contracted in the early hours, followed by a sharp expansion, confirming heightened volatility and bearish continuation.

Volume and Turnover Dynamics

The largest volume spike occurred during the 15:00–16:00 ET window, aligning with a sharp 4.3% drop. Notional turnover exceeded $5 million during this period, confirming bearish conviction. Price and turnover aligned well during the sell-off, reducing divergence concerns.

While the near-term path appears bearish with 1.7800 as the next probable target, a rebound from this level could trigger a short-term bounce. Investors should remain cautious as volatility remains high and overbought/oversold extremes may correct in the near term.