The crypto market continues to face a broad sell-off, with many altcoins experiencing significant losses.
Sui (SUI) has been no exception, recording a substantial price decline of 8.22% in the last 24 hours. Currently priced at $0.8241, SUI has faced heightened volatility fueled by negative market sentiment.
Source: Coingecko
SUI’s trading volume in the last 24 hours reached $329.7 million, suggesting increased market activity. Despite its $2.12 billion market cap, SUI remains vulnerable to further declines, as investors closely monitor its performance. The price has approached key support at $0.80, while resistance looms around $0.90. Traders are waiting for signs of stabilization or a potential reversal.
Bearish Momentum Dominates: SUI Price and Market Trends
Over the past week, SUI has underperformed, falling by 5.24%. Although this decline is more severe than the broader cryptocurrency market’s 3.20% drop, SUI is still faring better than other Layer 1 (L1) cryptocurrencies, which saw an average decrease of 5.50%. This suggests that while SUI has been hit hard, it is not alone in its struggles.
Despite the current downtrend, some indicators suggest that volatility could persist. The price is trading near the lower Bollinger Band of $0.7619, a critical level to watch. The price quickly pulled back after briefly breaking above $1.00, reflecting market hesitancy. If SUI holds above $0.81, it could attempt a recovery. However, a breach below $0.76 would likely lead to further downside pressure.
The Accumulation/Distribution (A/D) line, which measures the strength of buying and selling pressure, shows mixed signals. While there was steady accumulation during the initial phase of the price drop, the line has recently flattened and even begun to decline. This could indicate that the recent selling pressure is taking its toll, limiting buyers’ ability to step in during dips.
Source: TradingView
Other indicators, such as the Relative Strength Index (RSI), reflect the current uncertainty in the market. At 50.90, the RSI suggests neutral momentum, signalling that the market is neither oversold nor overbought. If the RSI rises above 60, it could suggest renewed buying interest. Conversely, dropping below 40 could indicate further selling pressure and a possible downtrend continuation.
Futures Open Interest Highlights Volatility
Data from Coinglass shows that open interest for SUI futures has changed significantly in recent weeks. Open interest surged in early August, indicating increased trader participation as SUI’s price spiked above $1.00.
However, as the price retraced, open interest decreased by 5.08%, settling at $167.73 million. This suggests that some traders have exited their positions, potentially bracing for further price fluctuations.
Source: Coinglass
While volume increased by 14.92%, reaching $1.15 billion, the drop in open interest highlights market uncertainty. The futures market continues to show speculative behaviour, with traders positioning themselves amid SUI’s volatile price movements. This dynamic adds another layer of complexity to predicting the next price direction for SUI.
The post SUI Price Prediction August 16: Massive SUI Price Crash: 10% Drop in 24 Hours—What’s Happening? appeared first on Coinfomania.
