SUI Price Cripples to 6-Month Low as Black Monday Triggers Oversold Signal

Key Takeaways

• SUI’s price crashed 20% in 24 hours, falling below $2 and hitting its lowest price since October 2024.
• The RSI and MFI show SUI is nearing the oversold zone, with the RSI at 31.69 and the latter hovering close to 20.
• If the sell-off continues, SUI could break below the 0.236 Fibonacci retracement level and slide toward $1.
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Sui (SUI) joined the broader crypto market bloodbath over the weekend, plunging by 20% in the last 24 hours.

The sharp downturn, which affected a wide range of digital assets, has prompted some industry leaders to label today as a ‘Black Monday’ — drawing parallels to the infamous 1987 stock market crash on Wall Street.”

As of this writing, SUI’s price has dropped below $2 and is trading at its lowest point since October 2024. With traders panic selling several indicators flashing red, SUI now teeters on the edge of potentially more profound losses.

SUI Falls Hard After Weekend Sell-Off

SUI is among the hardest-hit altcoins following Bitcoin’s (BTC) 10% decline since Sunday. Before the market crash — which many attribute to Donald Trump’s newly announced tariffs on global imports — SUI’s price was $2.20.

But as of this writing, the value has tumbled to $1.76, which is the lowest in nearly six months. Following the development, the Relative Strength Index (RSI) on the daily chart dropped below 30.00.

The MFI measures the level of buying and selling pressure. It also tells when an asset is oversold or overbought.

Readings above 80 mean it is overbought, while those below 20 indicate that it is oversold. As such, SUI is oversold.

But unlike previous instances where a move near the oversold level triggered a bullish reversal, SUI’s price might struggle to rebound.

One reason for this thesis is the technical setup. According to the daily chart, SUI’s decline from its all-time high in January has forced the formation of a descending channel.

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If sustained, SUI’s price might not recover in the short term and risks falling below the underlying support.

In addition to this,  the Bull Bear Power (BBP) measures the strength of bulls (buyers) compared to bears (sellers), and has dropped to the negative zone. This drop indicates that bears are in control.

Should this trend remain the same, SUI’s price might undergo an extended correction.

SUI Price Analysis: Not the Bottom

In line with the MFI signal, the Relative Strength Index (RSI) also shows that SUI is nearly oversold. The RSI uses the speed and size of price changes to measure momentum.

Like the MFI, the oscillator also shows if the asset is overbought or oversold. Ratings below 30 indicate oversold positions while those above 70 signifies overbought levels.

As of this writing, the RSI on the SUI/USD daily chart stands at 31.69, indicating bearish momentum. Should this remain the case, SUI’s price might drop below the 0.236 Fibonacci retracement level.

If validated, the token’s value could slide below the $1 mark. In a highly bearish scenario, the cryptocurrency’s value might collapse toward $0.45.

On the flip side, if the crypto market attracts fresh liquidity, SUI’s price might rebound. In that scenario, the value might jump to $2.34.

If the broader market improves by a great mile, this target could be higher, and SUI might no longer be in a bearish phase.

If that happens, the altcoin might surge to $3.49 at the 0.618 Fibonacci ratio.