SUI Slides 15% in a Week — Can Bulls Hold the Line at $3?

SUI trades near $3.13, hovering just above the key $3.11 Fibonacci extension .

Spot volume remains low , hinting at high speculative activity and leverage risks.

A bounce from $3 could trigger rallies toward $3.36, $3.56, and possibly $3.80.

SUI is teetering near $3 support after a sharp weekly slide of nearly 15%. Now trading at $3.13, bulls are under pressure to defend this level as selling momentum continues to weigh on price action.

SUI Price Compresses Within Descending Channel

According to a recent chart analysis by Ali Charts, SUI/USD is nearing a pivotal technical level. The 12-hour timeframe shows price consolidating near the lower boundary of a descending channel, currently resting at around $3.13, just above the 1.0 Fibonacci extension (~$3.11).

After starting the week above $3.65, SUI saw persistent selling pressure, dropping to the $3.10–$3.20 range. Candlestick formations reveal lower wicks — a classic sign of buying pressure and possible accumulation. If bulls defend this zone, a bounce toward higher Fibonacci levels could unfold.

Bearish Risks Linger as Futures Activity Dominates Market

Despite technical support, underlying market dynamics suggest caution.SUI’s 24-hour futures volume sits at $3.83 billion, dwarfing the spot volume of just $104.86 million. This signals that current price action is largely driven by leverage rather than organic buying.

Open interest has climbed to $1.66 billion, underlining increased speculation. However, such derivative-driven movement increases the risk of sharp liquidations, especially if support fails.

Should SUI drop below the $3.11 level, the bearish scenario points to a move down to $2.83 — the 1.272 Fibonacci extension, also aligning with the lower trendline of the descending channel.

Mixed Long-Term Picture

Despite recent price pressure, SUI’s long-term fundamentals show resilience.It has a strong backing with a market cap of $11.14 billion and 3.57 billion tokens circulating—about a third of its total supply

SUI has climbed 7.85% in 90 days and 37.95% over 180 days, but a 23.94% year-to-date drop points to deeper market pressures or ecosystem-related hurdles

As the token hovers near key support, traders are watching closely. A bounce on solid spot buying could shift momentum, but persistent leveraged pressure may push it below the crucial $3 level.

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