What' next for SUI after the partnership with the Swiss bank Sygnum? | Credit: Derek Fenech/CCN.com
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Key Takeaways
SUI has dropped 5.11% in the past 24 hours to $3.57, failing to break above the $3.97 resistance.
On-chain data shows declining Open Interest and negative Weighted Sentiment amid the drop.
Analysis suggests a potential decline toward $2.57, unless bulls reclaim momentum for a rebound.
SUI’s rally toward a new all-time high has stalled, with the token retreating from the $4 mark. SUI’s price consistently pushed higher through June and July, fueling optimism that it could soon set a fresh record high.
But momentum has shifted this month. In the past 24 hours alone, SUI has dropped 5.11% to $3.57, signaling that bullish strength is fading. Given the current setup, a quick rebound looks unlikely in the short term.
SUI Open Interest Falls
One reason SUI may struggle to revisit its all-time high is its Open Interest (OI). During July’s bullish momentum, SUI’s OI surged past $4 billion, reflecting strong trader participation and heavy leverage in the market.
Today, however, that figure has fallen to $3.76 billion. Declining OI signals that traders are unwinding positions or avoiding new leveraged bets, which reduces liquidity and weakens upward momentum.
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A drop in OI during a price pullback often suggests fading speculative interest — making it harder for bulls to spark a strong rebound.
Therefore, if this trend continues, SUI’s price could face further downside as liquidation risks grow and buyers step back, leaving sellers in control.
SUI’s Weighted Sentiment has slipped into negative territory from an on-chain perspective. This position shows that market chatter around the coin has turned increasingly bearish, with market participants expressing more doubts than confidence.
A sustained stay in the red could keep buy-side demand muted. Should this sentiment remain the same, it could further limit SUI’s chances of a quick recovery.
From a technical standpoint, SUI has repeatedly failed to break above the $3.97 resistance level, reinforcing it as a strong supply zone.
At the same time, the Awesome Oscillator (AO) has slipped into negative territory, signaling a shift in momentum from bullish to bearish.
This alignment of resistance rejection and weakening momentum suggests SUI’s price could face more downside pressure soon.
Beyond that, the Supertrend indicator has flipped bearish, with its red line now positioned above SUI’s price.
This position indicates that sellers remain in control. As long as SUI trades below this line, the path of least resistance leans downward.
Should this trend continue, the altcoin might drop below the support at $3.11. Once validated, the next move for the price could be a decline to $2.57.
However, this prediction might be invalidated if SUI bulls come into the picture with full force. In that scenario, the cryptocurrency might bounce to $4.59.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
