SUI Falls 9.64% to $3.02 Amid Heavy Sell Pressure
Sui (SUI) declined by 9.64% to $3.0211 on June 13, following a drop from $3.34 to an intraday low of $2.9556. The breakdown below the support level at $3.20 led to heavy sell pressure, with over 50 million tokens traded during this period.
After briefly dipping below $3.00, SUI found support at $2.997, prompting some buyer interest. The price has since stabilized within a $3.00–$3.05 range, but momentum remains weak. Lower highs indicate sellers are still dominant unless buyers can push above $3.05 decisively.
This price movement occurred amidst broader crypto market weakness, influenced by recent BTC price fluctuations related to U.S. inflation data. The technical analysis shows that the $3.20 breakdown triggered stop-loss cascades and panic selling, while psychological support near $3.00 has temporarily halted further declines.
Volume patterns indicate cautious accumulation, highlighted by a significant increase at 14:00 UTC, where over 1.2 million tokens were traded. Without reclaiming critical resistance levels, any recovery may be short-lived. A close above $3.05 would signal a potential reversal of the current downtrend.
Technical Analysis Highlights
- SUI dropped from $3.34 to $2.9556 in 24 hours, a 12.9% decline before partial recovery.
- Sell pressure increased after the $3.20 breakdown, with over 50 million tokens traded.
- Price has consolidated between $3.00 and $3.05.
- A minor recovery lifted the price from $2.997 to $3.017 in the latest hour.
- Volume at 14:00 UTC reached 1.2 million, indicating short-term accumulation near support.
- Resistance is at $3.05; support remains at $2.94.