SUIUSDT Market Overview: Volatility and Recovery in 24 Hours

• Price swung sharply lower overnight, hitting a 24-hour low of $2.479 before retracing.
• Key support at $2.500 appears resilient, with price consolidating above after 8:00 AM ET.
• Momentum waned in the early hours but has started to rebuild with RSI above 50.
• Volatility expanded significantly during the sharp drop but has begun to contract post-10:00 AM ET.
• Turnover surged during the selloff, but price and volume diverged in the final 6 hours.

Sui/Tether (SUIUSDT) opened at $2.5898 on October 28 at 12:00 ET and closed at $2.4945 the next day, reaching a high of $2.6189 and a low of $2.479. Total 24-hour volume was 27.9 million, with $69.9 million in notional turnover. The pair experienced a sharp selloff and partial recovery, with volatility and volume spiking during the decline.

Structure & Formations

The 15-minute chart revealed a sharp bearish reversal in the early hours, with a key breakdown below the $2.56–$2.58 consolidation zone. A long bearish candle on the 3:30 AM ET bar (low at $2.5588, close at $2.561) marked a potential bear trap after earlier bullish momentum. Price then fell into a $2.52–$2.48 range before a consolidation phase began around $2.500. A potential bullish engulfing pattern formed around 10:30 AM ET, indicating a possible reversal.

Moving Averages

The 20-period and 50-period SMAs on the 15-minute chart showed a bearish crossover during the selloff, but the 20SMA began to close the gap above the 50SMA after 10:00 AM ET. On the daily chart, the 50/100/200 SMA lines remained bearish, with price well below all three. The 50DMA is currently at ~$2.53, and the 100DMA at ~$2.55, with price consolidating around the 50DMA as a potential near-term pivot.

MACD & RSI

The MACD turned bearish during the selloff, with a significant bearish divergence forming between the price and the MACD histogram. However, the histogram began to flatten after 10:00 AM ET, suggesting waning bearish pressure. The RSI dropped below 30 during the selloff but has since climbed back to ~50, indicating a potential oversold rebound and the start of a possible short-term base-building phase.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff, with price reaching the lower band at ~$2.479. Volatility has since started to contract, and price has moved closer to the middle band. The 15-minute chart suggests a potential consolidation phase with price hovering near the 20-period SMA.

Volume & Turnover

Volume spiked during the selloff, with a 4:30 AM ET bar printing over 1.3 million volume and a low of $2.5588. Turnover surged to ~$3.3 million during the same period, confirming the bearish sentiment. However, the final 6 hours saw declining volume and turnover despite a modest price recovery, suggesting a lack of conviction in the bullish move.

Fibonacci Retracements

On the 15-minute chart, price found support at the 61.8% level of the $2.59–$2.47 swing (~$2.500). On the daily chart, key Fibonacci levels for the larger $2.61–$2.48 move are at ~$2.52 (38.2%) and ~$2.55 (50%), with price currently consolidating just above the 38.2% level. These levels may become important for near-term directional bias.

Backtest Hypothesis

The backtest strategy in question aims to evaluate a signal-based approach using RSI and price behavior. However, the absence of a valid price series for SUI-USDT (e.g., SUIUSD.UDC, SUIUSDT.UDC) prevents the backtest engine from generating returns. To proceed, we can either supply a correct ticker or provide a local price series in CSV/JSON format to enable manual analysis. Alternatively, we could use the provided data to test event-based strategies—such as RSI crossovers or Bollinger Band breakouts—by calculating returns locally. This would allow us to validate the technical signals discussed above using the available OHLCV data.