 ▲ Sui (SUI) Network/Source: X © |
Sui (SUI) has once again been pushed to test the $0.80 support level as broader market risk-off sentiment combines with technical weakness.
According to cryptocurrency market tracker CoinMarketCap on March 8 (local time), SUI fell 1.92% over the past 24 hours to trade at around $0.887. During the same period, Bitcoin (BTC) declined 1.22%, while the total cryptocurrency market capitalization dropped 1.15%. The Fear & Greed Index remained at 18, in the “Extreme Fear” zone, reflecting widespread risk-averse sentiment across the market.
The decline is believed to be driven more by overall market selling pressure than by any specific negative news. Sui has moved in a similar direction to Bitcoin, reflecting the broader weakness across altcoins. As capital flows out of risk assets, Sui—considered relatively volatile—has been unable to avoid downward pressure.
The technical outlook is also unfavorable. SUI has fallen below both its 7-day simple moving average of $0.918 and its 30-day simple moving average of $0.940, confirming a short-term bearish structure. In addition, trading volume over the past 24 hours dropped 42.96% to approximately $264 million, indicating insufficient buying pressure to halt the decline.
Market sentiment remains a burden. Within the community, past ecosystem hacks and chain outage issues have been resurfacing, fueling negative sentiment. Analysts suggest that even if prices attempt a rebound, weak trading volume combined with negative sentiment makes it difficult to build upward momentum.
The key short-term support level is identified at $0.8049, the recent low. If this level holds, SUI may move sideways within a $0.80–$0.92 range. However, if the support breaks, losses could extend toward the next psychological support near $0.65. Conversely, to reverse the trend, SUI would first need to reclaim $0.92 with strong trading volume.
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