TLDR
- SUI price dropped 9% to $3.34, testing key $3.29 support level
- Short traders added $31 million in leverage, driving bearish sentiment
- Sui network achieved record 1,632 TPS and $143B cumulative DEX volume
- Bulls target $4.33 (27% gain) if support holds, bears eye $2.80 breakdown
- Exchange outflows of $25 million suggest institutional accumulation
Sui price has declined 9% in recent trading, falling to approximately $3.34 as the token tests crucial support at $3.29. The selling pressure comes during a broader crypto market correction that saw Bitcoin drop 3% and Ethereum fall nearly 7%.
Short positions have surged across SUI markets, with traders adding nearly $31 million in bearish leverage. This accumulation of shorts reflects growing pessimism about SUI price action in the near term. Liquidation data shows long positions worth $3.66 million were wiped out during the decline.
The current price action marks the third test of SUI’s rising trendline established in April 2025. Historical patterns suggest previous bounces from this technical level led to strong rallies. Key liquidation levels cluster between $3.29 and $3.70, keeping sentiment fragile.
Technical Analysis Shows Mixed Signals
SUI price has touched the lower Bollinger Band on daily charts, a level that has previously triggered reversals since June. The token maintains its ascending triangle pattern, though bears are challenging the structure. Technical indicators remain divided, with the Average Directional Index at 14.65, suggesting weak trend momentum.
If the $3.29 support level holds, bulls could target a 27% rally toward $4.33. This upside target aligns with previous resistance zones where sellers have taken profits. However, a breakdown below current support could send SUI price toward $2.80, representing 16% downside.
Trading volumes have remained steady despite the price decline, indicating sustained market interest. The contrast between bearish sentiment and consistent volume suggests traders are closely watching the support test.
Network Fundamentals Remain Strong
Despite SUI price weakness, on-chain metrics continue to improve. The Sui blockchain achieved a record 1,632 transactions per second last week, demonstrating strong network capacity. This throughput milestone shows growing adoption and usage across the ecosystem.
Decentralized exchange trading volume on Sui reached $143 billion cumulative, marking another all-time high. The continued growth in DeFi activity suggests users remain engaged with the network despite price volatility.
Exchange flow data provides optimism for SUI price recovery. CoinGlass reported nearly $25 million flowing out of exchanges on September 22. These outflows typically indicate accumulation by institutional investors and long-term holders.
Sui Price Prediction
Current SUI price action creates a critical decision point at $3.29 support. Bulls need to defend this level to maintain the ascending triangle pattern and target $4.33. Bears controlling with $31 million in short leverage aim to break support and push toward $2.80.
The network’s record performance contrasts with bearish trader sentiment, creating potential for a sharp reversal if shorts get squeezed. SUI was trading at $3.53 at press time, down 3.90% in the last 24 hours.
