SUI has broken sharply below critical support levels, signalling an intensified bearish trend that now places the $2.40 zone in focus. The recent rejection near $3.35 triggered a heavy selloff, pushing the price to $2.99 and erasing gains from early May.
The move below $3.11, which marked the 0.382 Fibonacci retracement, has confirmed the breakdown of key structural support. This level had been an essential pivot during the last weeks. Its loss has enforced a bearish control in both daily and weekly charts as sellers have narrowed their control over the price action.
Source: Tradingview
Last week, the value of SUI dropped by 7 percent, the largest weekly decrease since March. The momentum has kept dissipating, and traders are now eyeing the token’s ability to maintain above the $2.57 mark.
That level aligns with the 0.236 Fibonacci retracement and a former accumulation zone, and a daily close below it could accelerate losses toward the $2.40 psychological area.
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Momentum Indicators Confirm Sustained Downtrend as Volatility Rises
Shorter timeframes offer little relief, as the 4-hour and 30-minute charts show that SUI lost the $3.10–$3.15 range on June 12. This range had held as support due to clustering EMAs, but the breakdown pushed the token below its 20, 50, and 100 EMAs. The 200 EMA, currently near $3.39, now stands as overhead resistance.
Additionally, Bollinger Bands are expanding to the downside, confirming a surge in volatility. Several attempts to regain $3.02 have not been successful, and there is solid selling interest holding underneath $3.05. The market has remained indicative of distribution as opposed to accumulation.
Regarding momentum, the RSI briefly hit 29.5 and then levelled above the oversold zone. However, the MACD is still in a bearish alignment, and the Ichimoku Cloud has SUI trading well below cloud support. The Tenkan-Sen and Kijun-Sen are both sloping downwards.
Source: Tradingview
The trend is bearish unless the $3.11 level is regained, and if the $2.57 area is broken, traders will supposedly focus on $2.40, where past demand last provoked a rebound.
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