SUI Slumps 10% to $3.02, but Signs of a Recovery Emerge as Buyers Defend Key Support

SUI Slides Nearly 13%, Holds Above $3 as Buyers Step In Cautiously

SUI dropped sharply on Thursday, falling as much as 12.9% intraday before finding tentative support just above the $3.00 level. The token closed the day down 9.64% at $3.02, following a swift breakdown below the $3.20 support zone, which triggered a wave of high-volume selling.

The sell-off began overnight as SUI plunged from $3.34 to $2.95, marking a key technical failure that shook short-term sentiment. More than 50 million tokens were traded during the liquidation cascade, with volume surging at the moment of the breakdown.

Despite breaching the psychologically important $3.00 level, the token quickly bounced back to form a narrow consolidation range between $3.00 and $3.05. Buyers appeared near $2.997, suggesting early accumulation—though overall momentum remains weak and the trend biased to the downside.

The price action follows a broader bout of crypto market uncertainty, partially influenced by macroeconomic noise earlier in the week. But for SUI, the move was primarily technical: the loss of key support set off automated selling and stop-loss triggers, while the round-number level at $3 drew in dip buyers looking for a short-term reversal.

A spike in volume at 14:00 UTC, where over 1.2 million SUI changed hands, marked a potential turning point. Still, analysts caution that only a confirmed break above $3.05 would begin to shift momentum in favor of bulls.

Technical Breakdown:

Intraday low: $2.9556
High-to-low decline: 12.9%
Initial support: Found near $2.997 after breach of $3.00
Current range: $3.00–$3.05 consolidation
Volume spike: 1.2M tokens traded at 14:00 UTC, suggesting early demand
Resistance: $3.05 remains key; break needed to challenge short-term downtrend
Support: $2.94 is the next key level if $3.00 fails

With sentiment still fragile, SUI’s ability to reclaim lost ground will depend on whether buyers can sustain pressure above resistance—or if the current bounce fades like previous attempts.