SUI Experiences Sharp Reversal

SUI saw a decline of nearly 4% after an intraday rally stopped short at $2.82. Over the past 24 hours, trading volume surged 11% above the 30-day average during this volatile trading phase.

What to Know:

• SUI traded in a 7.3% range between $2.71 and $2.92 before closing near $2.78, as per technical analysis by CoinDesk Research.
• The 24-hour trading volume significantly increased, indicating substantial trading activity during the reversal.
• Price movements failed to maintain above the resistance of $2.82, finding stronger support around $2.72 after multiple intraday fluctuations.

This turbulence left SUI in a precarious position, with future trading likely to be met with careful reassessment following the recent breakout attempts.

Key Technical Analysis Highlights

• SUI showed drastic price shifts beginning at 08:00, witnessing a significant plunge.
• Following a rebound attempt at 18:00, the token briefly reached $2.824, only to be immediately undone, establishing a pattern of rejection at the $2.82 mark.

With trading dynamics evolving, SUI’s performance will be closely watched as the market continues to react to these shifts.