Sui Defends $3.20 Support After 11.8% Weekly Plunge: Bulls Eyeing Comeback?

Sui's price action just flashed a critical test of investor conviction.

The Support Battle Heats Up

After bleeding 11.8% over the past week, Sui found temporary footing at the $3.20 level. This isn't just another number—it's the line in the sand separating short-term correction from something more serious. Market watchers now scrutinize every candle, searching for signs of buyer exhaustion or renewed accumulation.

Technical Tug-of-War

Volume patterns suggest a standoff between panic sellers and bargain hunters. The $3.20 zone historically triggered reversals, but past performance guarantees nothing in crypto's ruthless arena. Resistance levels loom overhead like concrete ceilings, each requiring significant buying pressure to crack.

The Trader's Dilemma

Traders face the classic crypto conundrum: buy the dip anticipating a V-shaped recovery, or wait for confirmation that the bleeding stopped? Meanwhile, traditional finance analysts probably just discovered their spreadsheet formulas don't account for 24/7 market chaos—but they'll still charge $500/hour for that insight.

All eyes remain glued to whether buyers can muster the momentum to reclaim lost territory or if gravity still has more work to do.

• Sui rises 2.04% to $3.20, but trading volume drops 41.14% to $893.82M, signalling weak activity.
• A weekly decline of 11.8% shows strong selling pressure as bearish sentiment weighs on Sui’s momentum.
• Analysts eye $2.86–$3.08 support and 200 SMA; RSI at 40.85 and MACD confirm ongoing downward trend.

Sui is currently trading at $3.20, which is an increase of 2.04% during the last 24 hours. Trading volume has significantly decreased by 41.14% and is presently standing at $893.82 million. The shift shows a temporary increase in price but a significant reduction in market involvement. The coin struggles to consistently increase its buying power, leading to investor apprehension.

Source: CoinMarketCap

Sui has declined by 11.8% over the past week. The downward trend indicates that there is a consistent selling pressure in the market. While the daily rebound suggests some recovery, the asset remains under pressure and has yet to achieve viability. These recent movements indicate that momentum is poor, and sentiment still runs bearish.

Sui’s 200 SMA Emerges as Crucial Level to Watch

Crypto analyst Umair crypto highlighted that Sui is currently positioned at a significant range low on the three-day chart. He cautioned that failure at this level would result in a further fall. The current support is approximately 200 less, close to the 200 SMA on the 3D chart. A decline to that extent may cause panic selling prior to establishing a possible bottom.

Source: X

Furthermore, Lennaert Snyder, another analyst, mentioned that Sui still respects the support between $2.86 and $3.08. Snyder added that this is a very vital stability area and it WOULD have new buyers. He further indicated that there could be a liquidity wick below the zone, although reversals on the four-hour chart and the daily chart could give long entry opportunities.

Source: X

RSI Nears Oversold as MACD Confirms Bearish Momentum

The Relative Strength Index (RSI) stands at 40.85, lower than the neutral level of 48.41, which indicates that sui is approaching oversold. The MACD also indicates lower pointing values, and the MACD line is -0.0761, the signal line is -0.0222, and the histogram value is-0.0539. The combination of these readings suggests that a downward momentum still exists.

Source: TradingView

Trading Volume Drops as Open Interest Rises

CoinGlass data shows that the trading volume has reduced by 35.79% to 4.93 billion. Open Interest has improved marginally by 0.59%, to $1.70 billion. The OI-Weighted Funding Rate is 0.0089%, indicating a small shift towards the bullish side of the futures market.

Source: CoinGlass

Sui is still pressured, although it makes a daily profit. Price action is weak, the trading volume decreases, and technical indicators measure downward. The support zone is at $2.86 and $3.08, and the 200 SMA is still monitored by analysts. The markets are waiting for either a rebound or further correction.