SUI Plummets 13% After $3.20 Support Breakdown

SUI, a prominent cryptocurrency, experienced a significant drop of nearly 13% before stabilizing at $3.02. This decline was triggered by a breakdown at the $3.20 support level, which unleashed heavy sell pressure and marked a turning point in short-term sentiment. The selloff saw over 50 million tokens traded, indicating a substantial shift in market dynamics.

After briefly breaching the $3.00 level, SUI found support around $2.997, where buyer interest began to surface. The price has since recovered into a narrow $3.00–$3.05 consolidation band. However, momentum remains fragile, with lower highs continuing to form, suggesting that sellers are still in control unless bulls can reclaim levels above $3.05 with conviction.

The sharp move in SUI's price follows a wave of broader crypto weakness and a brief spike in BTC prices tied to U.S. inflation data earlier this week. While the macro backdrop remains uncertain, SUI’s price behavior appears primarily technical. The $3.20 breakdown triggered cascading stop-losses and panic selling, while psychological support near $3.00 has temporarily stemmed the decline.

Volume patterns suggest cautious accumulation, with a notable spike at 14:00 UTC when over 1.2 million tokens changed hands. However, unless buyers can reclaim key resistance levels, the current bounce may prove short-lived. A confirmed close above $3.05 would be the first step toward invalidating the current downtrend.

Technical analysis highlights include SUI dropping from $3.343 to $2.9556 in 24 hours, a 12.9% decline before partial recovery. Sell pressure intensified after the $3.20 breakdown at 00:00 UTC, with over 50 million tokens traded. The price has stabilized in a $3.00–$3.05 consolidation band, with a minor recovery lifting the price from $2.997 to $3.017 in the most recent hour. Volume at 14:00 UTC topped 1.2 million, signaling short-term accumulation near support. Resistance sits at $3.05, while support remains firm at $2.94.