SUI price risks further correction as technicals remain bearish

Sui -price can continue to see more losses, because the technical way keeps staying for it, despite the recent list on Robinhood.

Sui (sui) token has been in a downtrend since August 17 before he was a consolidation phase in the range of $ 3.40 – $ 3.50 on August 20 at the time of the press in the highest point, it was traded at $ 3.47, a decrease of 16% of the high and 34% of this month of the highest point of the highest point this year.

The Sui -Token continued to deteriorate after securing a list on Robinhood, one of the most popular crypto -trading platforms in the US, while cryptocurrencies usually gather after it was mentioned on such renowned exchanges, the decline of sui under $ 4,100) would have been beaten under $ 40.

The Prize of Sui also fell when the sentiment of investors seemed to be more and more Bearish. According to facts Van Coinglass fell sharply in Sui -Futures – from $ 2.66 billion at the end of July to $ 1.84 billion from today – which causes reduced speculative activities and the trust of the decreasing market.

Additional data show that the long/short ratio under 1 has fallen, indicating that more traders are now positioning for downward movements. This shift in sentiment follows the liquidation of $ 5.64 million in long positions in the last session.

Onchain data of Defillama Also showed that the sui -eco system is not doing so well in recent days. The total value locked in its decentralized financing fell by 11% in the last 7 days to $ 3.4 billion.

The total range of stablecoins on the blockchain has also fallen by 16% in the same period, now around $ 770 million.

Stablecoins form the backbone of liquidity on chains and trading activity. A decrease in their offer often indicates reduced capital inflow and user involvement within the ecosystem.

Sui Technicals remain bearish

On the daily graph, SUI is among the 50-day advancing average cases, a technical development that is usually interpreted as a bearish signal by traders.

Momentum indicators support these Bearish front views. The advancing average convergence diversion has been exceeded under his signal line, accompanied by the expansion of red histogram staves. In the meantime, the relative strength index has fallen to 44, a sign of increasing sales pressure.

Based on the above Bearish signals, Sui could most likely fall to $ 3.27 support level, which included the monthly low marked on 2 August. A decisive break under this threshold would probably lead to a decrease in the psychological level of $ 3.00.

On the contrary, a potential bullish reversal remains in the maps such as the price tests and recovery of a rising trendline that has offered support several times since April. Historically, Sui is bounced from this trendline every time it has been tested, which suggests that it remains an important area to pay attention to a possible rebound.