SUI Struggles to Break $4 Resistance as Market Sentiment Cools

SUI's price action shows a market caught between competing forces. The token currently trades at $3.80, posting modest 24-hour gains of 1.77% but remains 2.63% lower on the weekly chart. With a $13.09 billion market cap, SUI's inability to break the $3.85-$4.07 resistance zone signals underlying weakness.

Derivatives data reveals cautious sentiment. Open interest fell 9% to $1.93 billion, while funding rates normalized to 0.0083% from July's elevated levels. This cooling of Leveraged positions suggests traders are adopting a wait-and-see approach.

Technical indicators suggest potential downside. The 4-hour RSI at 44 leans bearish, with $3.72 serving as immediate support at the 61.8% Fibonacci level. A breakdown could accelerate selling toward the $3.17 zone, where the 78.6% retracement awaits.