SUI Price Drops 7% as Bearish Pressure Regains Control

SUI's price has taken a sharp bearish turn heading into mid-June, with a recent rejection near $3.35 triggering a steep decline towards the $3.00 mark. The price currently trades near $2.99 after failing to reclaim resistance near $3.30, which aligned with both a descending trendline and the lower boundary of a previous support block. Momentum indicators and price structure suggest further downside risk unless bulls can recover above critical levels in the coming sessions.

The broader structure on the daily and weekly charts indicates that SUI has failed to sustain its early May recovery, with the price now back below the 0.382 Fibonacci retracement at $3.11. This level had acted as a pivot over the last month, and its loss suggests that bearish pressure is regaining control. The SUI price update also reveals a notable weekly decline of nearly 7%, reinforcing the breakdown below $3.10 as a significant structural breach. Price has now moved closer to the 0.236 Fibonacci level at $2.57, which coincides with a prior accumulation zone from March. A close below this threshold would open up the possibility of a full retracement toward the $1.71 support area.

The 4-hour and 30-minute charts highlight a sharp breakdown below the $3.10–$3.15 congestion area, which was supported by multiple EMAs and trendlines until June 12. The SUI price action broke decisively below the 20/50/100 EMA cluster, with the 200-EMA near $3.39 now acting as overhead resistance. Bollinger Bands also show an aggressive expansion to the downside, a clear indication of increasing SUI price volatility following the selloff. The current rebound attempts near $2.98–$3.02 are struggling to gain traction, as sellers continue to pressure price below the $3.05 rejection zone. If this lower range fails to hold, the next high-confluence support appears near $2.58, followed by psychological demand near $2.40.

On the momentum front, the 30-minute RSI dipped as low as 29.5 before stabilizing just above oversold territory. The MACD remains bearish across both the 30-minute and 4-hour timeframes, with the signal line still below the baseline and histogram momentum negative. The Ichimoku Cloud also reflects a strong bearish shift, with price trading beneath the cloud and Tenkan-Sen/Kijun-Sen showing downward alignment. Stochastic RSI is beginning to curve upward from deeply oversold territory, but it remains unclear whether this signals a meaningful bounce or merely a pause before further decline.

The primary driver behind the current weakness is the failure to reclaim the $3.30 zone, a level reinforced by both descending resistance and the 50-day EMA. This rejection prompted cascading sell orders, triggering stops below $3.10 and accelerating the retreat. Rising macro uncertainty and a cautious altcoin sentiment across broader markets have also weighed on short-term price action. This combination of technical rejection and broader risk aversion explains why SUI price is going down today, with traders now eyeing whether the asset can establish a higher low above the $2.58 base.

The near-term picture remains tilted to the downside unless SUI can reclaim and hold above $3.11, the 0.382 Fib level. A failure to do so would increase the likelihood of a slide toward the $2.58–$2.40 range. On the upside, any bullish breakout would need to overcome layered resistance at $3.30, $3.55, and ultimately $3.92 to resume the broader uptrend.