SUI Faces Critical Test at $3.52 Support as Market Sentiment Turns Bearish

SUI's price continues to face downward pressure, declining 3.25% to $3.72 amid a broader cryptocurrency market selloff. The token's market capitalization dropped to $13.09 billion, with trading volume plummeting 37% to $1.32 billion as investors reacted to disappointing U.S. CPI data showing 3.3% annual inflation.

Technical indicators show bearish signals. A failed breakout above $3.57 triggered stop-loss orders, while rejection NEAR the 30-day SMA at $3.79 and negative MACD readings indicate weakening momentum. The 4-hour chart shows RSI at 44, suggesting potential for further downside.

Market dynamics reveal strong bearish positioning, with $119k in short liquidations significantly outweighing $14k in long liquidations. Futures open interest fell 9.2% to $1.79 billion as funding rates normalized from July highs. The 61.8% Fibonacci level at $3.72 now serves as crucial support—a break below could accelerate declines toward the $3.52 level.