Market Overview for Sui/Tether (SUIUSDT)

Summary
• Price retreated 4.6% from the 5-minute high of $1.8132 to $1.7450, pressured by bearish momentum.
• A key resistance at $1.79–$1.80 and support near $1.77–$1.78 were tested multiple times with mixed outcomes.
• Volume spiked sharply during the 15:30–16:00 ET period, coinciding with a 6.1% drop to $1.7322.
• RSI and MACD signaled oversold conditions near $1.74–$1.75, hinting at a potential short-term bounce.
• Volatility expanded as price moved between $1.7223 and $1.7841, indicating a possible consolidation phase ahead.

At 12:00 ET on 2026-01-16, Sui/Tether (SUIUSDT) opened at $1.8019, reached a high of $1.8132, dipped to a low of $1.7223, and closed at $1.7450. Total 24-hour volume was 3,615,239.1 SUI, with a notional turnover of $6,294,308.83. Price action suggests a potential bearish exhaustion near $1.74–$1.75.

Structure and Key Levels

Price action over the past 24 hours displayed a broad consolidation pattern within a $1.7223–$1.8132 range.

Notable support emerged at $1.77–$1.78 and $1.74–$1.75, where multiple 5-minute candles showed indecision or bearish reversal patterns. Resistance remained firm between $1.79 and $1.80, where buyers consistently failed to hold ground after brief rallies. A bearish engulfing pattern was observed during the 15:30 ET candle as price broke below the 1.7816 level, triggering a sharp downward leg. A potential double-bottom formation is forming in the $1.7223–$1.7450 range, suggesting a possible near-term bounce from oversold levels.

Technical Indicators and Momentum

The RSI on the 5-minute chart reached oversold territory near 30 as price dropped to $1.7322, indicating potential for a short-term rebound. MACD turned negative but showed signs of a bearish divergence as price continued lower while the histogram began to flatten. The 20-period and 50-period moving averages on the 5-minute chart remained bearishly aligned, reinforcing downward bias. On the daily chart, the 50/100/200-period EMAs have not yet crossed, suggesting no immediate shift in trend. Bollinger Bands widened significantly as volatility surged, with price frequently touching the lower band and bouncing off it during the last few hours.

Volume and Turnover Dynamics

Volume and turnover surged during the 15:30–16:00 ET period as SUIUSDT dropped from $1.7816 to $1.7322, confirming the bearish breakdown. A divergence between volume and price was noted during the 03:00–04:00 ET session, where volume declined despite continued bearish movement, suggesting waning momentum. The largest notional turnover occurred at $1.7322, where 3.6 million SUI changed hands. A sharp drop in turnover was observed after 16:00 ET, indicating reduced short-term volatility and potential exhaustion.

Fibonacci Retracements and Volatility

Fibonacci retracements on the key 1.7223–1.8132 swing identified critical levels at 38.2% ($1.7617), 50% ($1.7676), and 61.8% ($1.7736).
Price has remained below the 50% level for most of the session, suggesting bearish dominance. A potential 38.2% retest appears likely as RSI and MACD suggest exhaustion at current levels. Volatility has expanded significantly, with Bollinger Bands indicating a high degree of dispersion, suggesting traders should prepare for potential consolidation or a countertrend move from $1.7450.

A short-term bounce from $1.74–$1.75 is possible as indicators suggest oversold conditions, but bearish pressure may persist if key support levels fail. Traders should monitor volume divergence and bearish engulfing patterns for further bearish cues.