SUI drops 9% – 2 key zones will decide its next move!

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Key Takeaways

Why is SUI under pressure now?

Ah, the drama! SUI plummeted a dazzling 9% to $3.34, once again flirting with its support at $3.29, while short positions amassed a glorious $30.99 million. Looks like the bears are having a feast!

What supports long-term SUI optimism?

But wait, dear reader, don’t despair just yet! Despite the gloom, SUI has hit 1,632 TPS and a staggering $143 billion in DEX volume. So, the network is growing-though its ADX strength is as weak as a watered-down espresso.

Sui [SUI] took a nosedive of 9% in the last 24 hours, with its value settling around $3.34. And what’s the reason for this delightful dip? Well, Bitcoin [BTC] and Ethereum [ETH] weren’t exactly having a good time either, dropping by 2.90% and 6.95% respectively. Seems like SUI has found itself at a very crucial crossroads.

Price action at major support

Ah, but the plot thickens! SUI has revisited its ascending trendline from April 2025 for the third time. The previous encounters? Well, they ended with rebounds that made investors giddy with joy.

But hold your horses! If support holds, we could see SUI skyrocket by 27% to $4.33. However, a slip below the trendline could result in a tragic 16% fall to $2.80. Place your bets, folks!

Meanwhile, SUI’s Bollinger Bands are whispering sweet nothings about a potential price reversal. On the daily chart, we see SUI touching the lower boundary of the Bands-indicating that while it’s in a downtrend, a reversal could be just around the corner. And trust me, this isn’t the first time it’s happened since June 2025. A little déjà vu, anyone?

The Average Directional Index (ADX) is currently at a meager 14.65, signaling weak trend strength. Not exactly the mighty warrior we were hoping for, eh?

Analysis of SUI’s fundamentals and on-chain signals

Now, let’s talk about the fundamentals. If you thought SUI was all show and no substance, think again. The altcoin’s foundation is as solid as a rock-at least, for now.

Recently, a SUI-based crypto community flaunted a glorious post on X, proudly announcing that SUI reached a record-breaking 1,632 transactions per second (TPS) on September 19th. Impressive, right? That’s a historic high for the blockchain!

And as if that weren’t enough, SUI’s cumulative Decentralized Exchange (DEX) volume hit a record $143 billion. Take that, doubters!

But before you get too excited, let’s throw in a little dose of reality. While the short-term outlook for SUI is as gloomy as a Monday morning, the long-term sentiment is still cautiously optimistic.

Spot Netflows from CoinGlass showed a $24.85 million outflow on September 22nd. Hmmm, accumulation and reduced sell pressure, you say? Sounds like SUI is trying to build up a little momentum.

But hold your applause! Liquidation data tells a slightly different story. The traders seem to be leaning bearish, with long liquidations near $3.66 million and short liquidations dominating with a whopping $30.99 million in leverage.

So, while short-term sentiment looks as fragile as a soap bubble, the long-term fundamentals are still holding steady-kind of like that one friend who never wants to admit when they’re wrong.

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2025-09-22 18:41