SUI Slides as Failed Breakout Sparks Volatile Reversal and Heavy Trading
Sui (SUI) dropped nearly 4% following a failed attempt to sustain a rally above $2.82, with trading volume surging 11% beyond its 30-day average in a highly volatile session.
Over the past 24 hours, SUI endured sharp price swings, initially tumbling to $2.71 before rebounding toward $2.92. However, the upward momentum stalled near $2.82—a key resistance level identified by CoinDesk Research’s technical analysis—triggering a swift pullback to the $2.78–$2.79 region.
The volatility was fueled by heightened trading activity, leading to rapid price reversals that left both bullish and bearish traders navigating choppy waters. The repeated rejection at $2.82 suggests the market remains cautious, with participants likely waiting for clearer signals before taking stronger positions.
Despite the turbulence, support between $2.72 and $2.75 held firm, with SUI bouncing off that zone multiple times. As trading volume begins to normalize, SUI may enter a period of consolidation while traders evaluate its short-term direction after the failed breakout and intense market action.
Technical Analysis Snapshot:
- SUI traded within a 7.3% intraday range between $2.919 and $2.710.
- A sharp selloff around 08:00 pushed prices down 9.1%, from $2.878 to $2.765.
- An afternoon recovery saw SUI climb 1.5% to $2.824 on volume of 1.4 million.
- The rally quickly reversed, dropping the price to $2.784, confirming resistance near $2.82.
- Support at $2.72–$2.75 remained intact despite multiple retests.
