SUI’s 35% Crash Incoming? Bearish Pressure Mounts

Amid this bearish market sentiment, $SUI, the native token of the Sui blockchain appears bearish and is likely headed for a double-digit price drop, as it has formed a bearish price action pattern on its daily time frame. This bearish outlook on $SUI has shifted as it fails to hold the crucial support from the ascending trendline that it has been witnessing for a prolonged period.

$SUI Technical Analysis and Upcoming Levels

According to the expert technical analysis, with today’s price decline, $SUI has successfully confirmed its bearish breakdown and has shifted the entire sentiment toward the bearish side.

Based on the recent price action and historical momentum, if $SUI holds itself below the $4 level, there is a strong possibility it could drop by 35% to reach the $2.30 level in the future. On the positive side, $SUI’s Relative Strength Index (RSI) stands at 35.5, indicating that the asset has sufficient room for further price declines.

$SUI is currently trading near $3.66 and has witnessed a price decline of over 8.50% in the past 24 hours. During the same period, its trading volume dropped by 55%, indicating lower participation from traders.

$18.5 Worth of $SUI Outflow

Besides, $SUI’s bearish price action and strong bearish market sentiment, long-term holders seem to be accumulating the token, indicating a potential buying opportunity, as revealed by the on-chain analytics firm Coinglass. Data from the spot inflow/outflow revealed that exchanges have witnessed a significant outflow of over $18.5 worth of $SUI tokens.

This substantial outflow from the exchanges indicates a potential accumulation and can cause buying pressure and further price surges, which seem hard to experience due to the bearish sentiment.

As of now, the major liquidation levels is near $3.56 on the lower side and $3.85 on the upper side, with traders over-leveraged at these levels, as reported by Coinglass.