Sui Drops to $2.89 After a 17% Weekly Decline — What’s Driving the Fall?
Sui has dropped 17.19% over the past week and is down 3.86% in the last 24 hours, now trading at $2.89.
The token has fallen below all major short-term moving averages (ranging between $3.12 and $3.51), triggering automated sell orders.
The MACD histogram (which measures the relationship between the 12-day and 26-day EMAs) turned negative at -0.0307, and the RSI sits at 39.65 — indicating bearish momentum without being oversold.
Adding to investor caution, a scheduled unlock of 58 million SUI tokens worth approximately $173 million is set for July 1st — around 1.7% of the circulating supply. Historically, such events often precede price dips as markets price in the risk of dilution.
Technically, SUI is facing bearish pressure and testing support at $2.89. If the downtrend continues, a break below $2.80 could confirm a stronger bearish move.
However, if the trend reverses, SUI could rebound and test resistance near $3.07. A further upward correction might trigger a golden cross, potentially giving bulls the upper hand.
Meanwhile, the Bull Bear Power (BBP) indicator is at -0.4684, suggesting sustained bearish momentum. The daily RSI at 25.95 indicates that the token is firmly in oversold territory.
📉 Is this a breakdown or a buying opportunity?
📊 Will the July unlock push SUI further down — or is the worst already priced in?
⚠️ Disclaimer: Not Financial Advice (NFA). Always Do Your Own Research (DYOR).