Sui (SUI) experienced a notable decline of 9.64%, dropping to $3.0211 on June 13, amid a sharp overnight correction. The token’s price fell from $3.34 to an intraday low of $2.9556, breaking through the previously solid support at $3.20. This breakdown sparked heavy selling pressure, with over 50 million tokens traded during the selloff. After briefly dipping below the $3.00 mark, SUI found support near $2.997, where buying interest started to surface. Since then, the price has stabilized within a narrow $3.00–$3.05 range, though upward momentum remains fragile. The formation of lower highs suggests sellers still hold control unless bulls can convincingly push back above $3.05.
This price action follows broader crypto market weakness and a brief rally in Bitcoin linked to U.S. inflation data earlier this week. While macroeconomic factors add uncertainty, SUI’s recent movements appear mainly technical. The breakdown at $3.20 triggered cascading stop-losses and panic selling, with psychological support around $3.00 providing only a temporary halt to the decline. Volume spikes, such as a surge of over 1.2 million tokens traded at 14:00 UTC, indicate cautious accumulation near support levels. However, unless buyers can reclaim key resistance levels like $3.05, the current rebound may be short-lived. A confirmed close above $3.05 would be essential to invalidate the ongoing downtrend and reignite bullish momentum.
**Technical Highlights:**
– SUI plunged from $3.34 to $2.9556 within 24 hours—a 12.9% drop before staging a slight recovery.
– Heavy sell pressure emerged following the $3.20 breakdown at midnight UTC, with over 50 million tokens traded.
– Currently, price is consolidating in a tight $3.00–$3.05 band.
– Recent upward move lifted the price from $2.997 to $3.017 in the last hour.
– Trading volume at 14:00 UTC topped 1.2 million tokens, suggesting short-term accumulation.
– Resistance remains at $3.05; support stays firm near $2.94.
While the bounce is modest, the key to reversing the downtrend lies in breaking above $3.05 with conviction. Until then, caution is advised as market sentiment remains delicate.
