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SUI Tests Key Support at $2.78 as Bearish Momentum Builds
SUI Tests Key Support at $2.78 as Bearish Momentum Builds
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[TRADE_PLUGIN]SUIUSDT,SUIUSDT[/TRADE_PLUGIN]
SUI News -
Sui (SUI) is struggling to maintain intraday gains, with a triangle chart pattern breakdown accelerating selling pressure. The cryptocurrency is now testing critical support at $2.78, while derivatives data shows weakening bullish momentum.
Open Interest has dropped to $1.15 billion, marking a 30-day low and a 43% decline from May's peak. The OI-weighted funding rate continues to fall, currently at 0.0060%, indicating reduced demand for long positions.
Technical indicators point to further downside potential, with taker sell volume dominating derivatives activity. The market structure resembles a classic liquidation cascade, where declining open interest and funding rates often precede extended corrections.
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