The price of the SUI token has dropped below the $3 mark amidst bearish sentiments in the crypto market. A 21% decline has been recorded in the past week. We review the current state of SUI and its predictions.
Decline in SUI Open Interest
Today, SUI recorded an open interest of $1.15 billion, which is its lowest in over three weeks. This marks a decline of over 45% from its all-time high of $2.05 billion, attributed to increased outflows from the market, indicating strong bearish sentiments.
Formation of a Strong Bearish Trend
With an intraday price drop of 2.10% and a trading volume of $1.082 billion, SUI continues to trade under negative pressure. The current price has formed a descending channel pattern, suggesting increasing selling pressure. Significant spikes are visible near price drops in the volume chart, indicating active sell-offs that confirm the prevailing bearish price action.
Potential Recovery for SUI
If a trend reversal occurs, SUI could retest its immediate resistance levels at $2.93 or $3.50. Conversely, if the selling pressure intensifies, the token could drop to its key support trendline at $2.40 this month.
Amid market uncertainty, SUI is expected to experience price fluctuations. Investors should closely monitor sentiment changes, as the token's future movements may unfold in various scenarios.
