Sui price is presently changing hands at $3.72, down 7.07% in the past 24 hours. The slump after the 67.90% monthly price pump has been a bummer to investors and traders. Who are now wondering of the possibility of a downturn, as fundamentals continue to remain strong, with the launch of Axelar Bridge, Phantom Wallet integration, Binance Alpha integration, growing TVL. And the much anticipated Great Sui Odyssey event on May 17 still has buzz. In this Sui price analysis we decode the possible reason and potential price targets.
A liquidation heatmap by The Kingfisher highlights the dense cluster of long liquidations around the $3.90 to $3.95 mark, with high concentration around $3.933. The analyst highlights that, as SUI fell below this level, leveraged long positions were liquidated, adding to the selling pressure.
This liquidation zone has acted like a black hole, drawing the price downward and exacerbating the price decline. Moreover, the heatmap also highlights fewer short liquidations above the price, cautioning that there is limited “thrust” for a short squeeze to propel the price higher in the short-term.
SUI price is hovering above its crucial support level between $3.73 and $3.85. If Sui breaks below this range, a steeper downside could be triggered, especially as liquidations continue to pressure long positions. Talking about trade, the 24-hour volume has dropped by 24.09%, showing a decline in trading activity, which often precedes increased volatility.
On the upside, $4.02 remains immediate resistance. A daily close above $4.35 would confirm bullish continuation and could potentially send SUI toward a new all-time high above $5.35.
Considering the present trends, short-term traders are advised to take calculated risks, and watch for liquidation levels and support zones.
Read our Sui Price Prediction 2025, 2026-2030 if you are keen on long-term trades!
SUI dropped due to liquidation-driven selling. As the price fell below $3.90, a large cluster of long positions was liquidated.
Yes, the long-term trend remains bullish. SUI is up nearly 68% over the past month and has formed a golden cross.
Sui price is currently at $3.699, with an intraday change of -6.39%.
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