SUI trading surged 350% after a fall of 22% – Will the next price be $1.65?

The price of SUI (SUI) has witnessed a significant fall amid a broader market experiencing a crisis, marking the end of a prolonged upward trend and signaling the potential for further declines in the future.

The prospect of a fall in price is reinforced

The prospect of a fall in price has become clearer as the total value locked (TVL) decreases, key technical points are broken, along with strong market participation. All these factors indicate that the downward pressure is still increasing.

As of the press time, SUI is trading at around 2.72 USD, falling 22% compared to 24 hours ago. This sharp decline is accompanied by an increase in trading activity among investors and traders.

According to information from Coinphoton, the 24-hour trading volume of SUI has surged by 350%, reaching 434 million USD. The combination of a sharp price fall and increased trading volume indicates that investors are actively pushing the price down, possibly due to an increasingly strong bearish sentiment.

Bearish signals from on-chain indicators

The on-chain metrics of Sui also indicate a negative outlook. According to DeFiLlama, the TVL of SUI has fallen sharply by 18.90%, bringing the value down to $2.103 billion. This decline suggests that investors are withdrawing capital from the network, reflecting a decrease in confidence and activity within the Sui ecosystem.

Source: DeFiLlamaAt the same time, the trading volume on Sui's DEX has reached a record high of 1.543 billion USD, according to a report from DeFiLlama. This increase may reflect a state of panic selling and the exit of many investors, indicating that fear and uncertainty are rising in the market.

Technical Outlook of SUI: Key Levels to Watch

According to technical analysis from AMBCrypto, SUI is currently trading sideways, fluctuating between 2.529 and 2.817 USD, which are the respective low and high limits. This sideways movement comes after SUI broke below a significant support level formed by an uptrend line that has been maintained since August 2024.

Source: TradingViewAfter the recent price drop, the upward trend of SUI—which has been maintained since 2024—has shifted to a downward trend. If the current bearish momentum continues, the price could fall another 40% and reach $1.65 in the near future.

To reverse the trend, SUI needs to recover and regain the level of 3 USD, while also surpassing its upward trend line. At the time of writing, the Average Directional Index (ADX) is at 22, below the important threshold of 25, indicating that the current trend strength is weak.

The Supertrend indicator also maintains a bearish signal, positioned above the price and indicating that the downward pressure is still ongoing.

Mr. Teacher