Market Overview: SUIUSDT – Sui Dips Sharply Amid Volatile 24-Hour Sell-Off

• SUIUSDT experienced a sharp 24-hour decline, breaking below key support levels amid a high-volume selloff.
• A bearish engulfing pattern and overextended RSI suggest oversold conditions may persist into the next 24 hours.
• Volatility expanded significantly during the selloff, with Bollinger Bands showing price nearing the 2σ lower band.
• Downturn was confirmed by rising turnover, especially in the 19:45–20:00 ET block, signaling strong bearish conviction.
• Fibonacci retracements indicate potential short-term bounce near 3.54–3.56, but trend remains bearish for now.

Sui (SUIUSDT) opened at $3.6322 on 2025-08-24 at 12:00 ET, hit a high of $3.8412 and a low of $3.5836, closing at $3.4671 as of 12:00 ET on 2025-08-25. The 24-hour period recorded a total volume of ~124.3 million SUI and a notional turnover of approximately $423.2 million.

Structure and Candlestick Formations

The price action showed a strong bearish reversal with a key engulfing pattern forming near $3.7244, confirming a breakdown from a prior bullish trend. A long lower shadow followed at $3.6117 suggests a brief rejection of further downside, but a failed recovery and continued bearish momentum pointed to a sustained downtrend. A doji formed at $3.6671, indicating indecision ahead of a sharp sell-off. The 24-hour low at $3.5836 appears to be a fresh support level, though its durability is yet to be tested.

Moving Averages and Momentum

Short-term moving averages on the 15-minute chart (20/50) are bearishly aligned, with price trading well below the 20SMA. The 50-period MA crossed below the 20-period MA in the afternoon, signaling a bearish crossover. Daily moving averages (50/100/200) are also bearish, with price trading below all three. The MACD turned sharply negative in the evening, confirming bearish momentum, while RSI entered oversold territory near 30, suggesting potential for a short-term bounce but not necessarily a reversal.

Volatility and Bollinger Bands

Volatility expanded significantly following the sell-off, with Bollinger Bands widening during the afternoon. Price approached the lower band at 2σ (~$3.585) in the early morning session, indicating a potential bounce zone. The consolidation in the final hours brought price closer to the middle band, suggesting some near-term stabilization may be in play.

Volume and Turnover Analysis

Volume spiked dramatically in the late afternoon with the 19:45–19:59 ET 15-minute candle showing over 8.8 million SUI traded at $3.8324, followed by a breakdown to $3.7244. This was the largest single-volume candle in the 24-hour period, confirming the bearish reversal. Notional turnover spiked to over $30 million in this block, reinforcing bearish conviction. Turnover declined in the final hours but remained well above average, indicating ongoing selling pressure.

Fibonacci Retracements

A 38.2% retracement of the key daily move from $3.8412 to $3.5836 comes in at $3.54, and a 61.8% retracement at $3.56. Price briefly tested $3.5836 but failed to hold, suggesting a potential bounce near these retracement levels in the short term. However, a failure to hold above $3.60 may trigger a deeper correction toward $3.50, the next Fibonacci target.

SUIUSDT may find temporary respite near $3.54–3.56, but a sustained close above $3.60 could signal a reversal. However, the broader bearish bias suggests a test of $3.50–$3.45 is possible if sentiment remains negative. Investors should watch for divergences in volume and RSI as potential early signals of a reversal.