The Sui Network (SUI) token is at the center of a high-stakes tug-of-war as it struggles to maintain the $3.00 level amid mounting short positions and speculative pressure. According to blockchain analytics platform OnChain Lens, Abraxas Capital recently capitalized on the broader crypto correction by opening heavy short positions on SUI, alongside Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Hyperliquid (HYPE), using the HyperLiquid exchange. These shorts, taken via two active wallets, suggest that the firm is bracing for a deeper plunge across major digital assets, including SUI. The impact has already been felt, with the token showing signs of either a potential breakdown or a sharp rebound.

SUI at a Technical Crossroads: Breakdown or Rebound?

SUI recently dipped to $3.00, a critical psychological and technical level. If bulls manage to defend this floor, analysts suggest the price could rebound toward $3.90 and retest the previous peak at $5.36. However, failure to hold this line could drive SUI down to $2.00 or even the $1.38–$1.50 support range observed in March and April.

Interestingly, the MACD histogram remains green, signaling that despite downward pressure, bearish momentum has yet to fully take over. The price structure still shows higher lows—a fragile bullish pattern that may indicate room for recovery if volume picks up.

$13.78M in Shorts Could Be Squeezed

A key factor contributing to market tension is the liquidation map, which reveals a cluster of high-leverage shorts—10x, 25x, and 50x—between $3.05 and $3.39. If SUI rises above $3.06, these shorts could be forced to cover rapidly, potentially sparking a violent short squeeze.

Below $3.06, however, there's also a buildup of long positions between $2.70 and $2.95, creating a risky battleground. If SUI drops further, long holders might start exiting en masse, leading to a cascading sell-off.

Dual Pressure Mounting in the SUI Market

The setup shows both camps—longs and shorts—poised for rapid action, making the token highly sensitive to small price shifts. Most traders currently appear biased toward further downside, yet the compressed positioning increases the odds of a whiplash-style reversal if market sentiment changes or shorts begin covering.

Market watchers say that Abraxas Capital’s recent leveraged strategy has added fuel to the volatility, and any sharp move in SUI could act as a catalyst for broader altcoin sentiment.

At press time, SUI remains under pressure near $3.00 with a technical setup that could swing dramatically in either direction, depending on how leverage plays out in the coming hours.

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