SUI Price Struggles as Symmetrical Triangle Pattern Signals Potential Drop to $2.71

Sui (SUI) continues its downward trend, losing over 1.5% on Monday after three consecutive weeks of bearish closes. The token is currently hovering around $3.30, trapped within a symmetrical triangle pattern that could lead to a decline to $2.71 if support levels break.

Despite Sunday’s release of 58.35 million sui tokens—valued at $194 million—panic selling was avoided, but the increased supply weighs on market sentiment. Technical indicators show brief resilience, with prices bouncing back from the 200-day EMA at $3.04, though the 16% drop over three weeks highlights ongoing selling pressure.

The converging trendlines—marked by lower highs since January and higher lows since April—reflect a classic battle between bulls and bears. Traders are watching for a breakout, with the 100-day EMA at $3.22 acting as immediate resistance.