 ▲ Sui (SUI) / ChatGPT-generated image © |
Amid widespread risk-off sentiment across the cryptocurrency market, Sui (SUI) has broken below the lower boundary of its short-term trading range, opening the door to a terrifying further سقوط toward $0.70.
According to investment media outlet FXStreet on February 24 (local time), Sui fell 3% during Tuesday’s session, deepening its breakdown from the short-term consolidation range confirmed the previous day. In the derivatives market, a cascade of long liquidations and a sharp drop in funding rates signal that retail investor sentiment has completely frozen.
Despite the launch last week of the Grayscale Sui Staking ETF, which was expected to enhance investment accessibility to the Sui network’s native token, it has utterly failed to attract retail demand. CoinGlass data shows that Sui futures open interest declined 2.08% over 24 hours to $458.66 million, indicating capital outflows from the derivatives market. During the same period, long liquidations totaled $965,470, overwhelmingly surpassing short liquidations of $347,200. As long positions were heavily wiped out, the long-to-short ratio fell below 1 to 0.9558, while the open interest-weighted funding rate dropped to negative 0.0096%, confirming that traders are aggressively placing short bets.
Extending its decline for a fourth consecutive day, Sui has even surrendered the $0.88 support level and is now targeting deeper losses. Both the 50-day and 200-day exponential moving averages are sloping downward, reinforcing a long-term bearish bias. Sui has broken below the consolidation range between the 100% Fibonacci retracement level at $0.88 and the 78.6% level at $1.05, entering a steep descent toward the 1.272 Fibonacci extension at $0.70. This suggests an additional downside risk of about 18% from the current price.
Technical indicators on the daily chart warn that short-term buying momentum has been completely exhausted. The Relative Strength Index (RSI) stands at 31, weighed down by persistent selling pressure and unable to sustain even a rebound from oversold territory. The Moving Average Convergence Divergence (MACD) indicator is also nearing a bearish crossover as the positive histogram contracts toward the signal line, raising the possibility of an uncontrollable wave of selling if the crossover is confirmed.
For Sui to escape this destructive downward trajectory and attempt a short-term recovery, it must reclaim the $0.88 level on a daily closing basis. Only by regaining this resistance can it ease downward pressure and attempt a rebound toward the psychological threshold of $1.00 and further up to $1.05.
Disclaimer: This article is for investment reference purposes only, and we are not responsible for any investment losses incurred based on it. The information should be interpreted solely for informational purposes.