Sui risks dip below $1 as stocks, crypto plummet
- Sui price has nosedived 15% in the past 24 hours to extend losses below $2.
- With crypto markets in turmoil, the altcoin risks falling under $1.
- SUI traded near $1.86 at the time of writing, with technical indicators signaling bearish strength.
The cryptocurrency market has mirrored stocks in selling off these past few weeks, a scenario that sees Sui (SUI) risk fresh losses to under $1.
As of writing, Suis price has plunged to $1.86, marking a steep 15% decline in the last 24 hours, according to CoinMarketCap.
This drop comes amid a broader market downturn.
Bitcoin price shed gains to near $76k, with the total crypto market shedding 7.2% over the past 24 hours.
However, Suis 18% weekly decline, as per CoinGecko, signals its underperforming compared to its peers, raising concerns about a potential slide below the critical $1 mark.
Sui price market outlook
Suis trading volume has surged to $1.56 billion in the last 24 hours, indicating a 256% increase.
In the current market scenario, this suggests panic selling.
CoinGlass further highlights the bearish sentiment, with $10.2 million in long positions liquidated over the same period, as over-leveraged traders got caught off-guard.
The long/short ratio sits at 0.92, showing a slight bearish tilt, while open interest in Sui futures dropped 8.3% to $320 million, reflecting waning confidence.
Meanwhile, negative funding rates of -0.015% on perpetual contracts underscore the dominance of short sellers in the market.
Sui technical indicators
The daily chart also paints a gloomy picture for SUI. Among technical indicators signaling bears are in control, the relative strength index (RSI) has dipped to 33.
The MACD indicator also suggests bearish strength with the histogram showing rising weakness.
This outlook suggests the SUI price could fall to $1.12 and then below the 100 cents level.
If the psychological level fails to hold, the next demand reload one could be $0.72.
However, if prices bounce, Sui could target a retest of $2.0.
The immediate resistance level on the upside above this threshold could be $2,77.
Nonetheless, the main pressure is on bulls, who will need steady market recovery to keep recent gains.
What this means is that Sui will likely mirror broader market dynamics, which currently arent helping buyers.
As Anthony Pompliano noted on X, ongoing tariff negotiations and a shock and awe strategy are creating a chaotic, risk-off environment for speculative assets like cryptocurrencies.
But there might also lie a buy-the-dip opportunity.
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Text source: CoinJournal: Home
