SUI has faced aggressive selling pressure over the past week, plunging more than 40% from its recent high. The token now trades at $1.96, a stark reversal from its 2025 peak near $5.38 and its lowest point since October 2024.
The broader market crash, triggered by macroeconomic tensions after Donald Trump’s tariff announcement, catalyzed a wave of liquidations, driving the SUI price into oversold territory.
Technical indicators confirm the bearish momentum. The RSI is hovering at 37, skimming the oversold zone, while the MACD continues to flash red. Price action has remained locked below both the 20-day EMA ($2.26) and 200-day SMA ($3.13), suggesting continued downward bias.
Adding context from the Fibonacci retracement levels, we see SUI losing its grip on the 0.236 level at $2.57, which previously acted as short-term support. The next key zone to watch is $1.70, aligned with the Fibonacci baseline, and potentially the final line of defense before a deeper slide.
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Source: Tradingview.
ETF Filing Brings Temporary Relief, But Risks Persist
While SUI’s technicals remain fragile, fundamental news has helped slow the bleeding. On April 8, Cboe BZX Exchange filed a 19b-4 form with the SEC to list the Canary SUI ETF, marking a critical step in bringing the token into the ETF market.
The ETF news sparked a modest rebound, with the token bouncing from $1.76 to retest the $2 level. However, the move lacked volume strength and was quickly met with selling. Adding to uncertainty, the SUI ecosystem has faced questions around past insider trading allegations and continues to battle network instability issues like the November outage.
Still, the SUI price’s long-term prospects are underpinned by growing DeFi traction and its partnership with SatLayer, which brings Bitcoin restaking to the network. DeepBook, Sui’s DeFi-native CLOB (central limit order book), is also prepping for a major token launch, which could re-energize ecosystem momentum.
Outlook: Reversal or Deeper Breakdown?
From a technical perspective, the token must reclaim and hold the $2.10–$2.35 range to escape the current bearish trend. A close below $1.87 risks another leg down to $1.70 or even the $1.25 support at the 0.236 Fibonacci level. If panic continues, the $1 psychological level could come into play.
Conversely, should the ETF narrative gain traction and liquidity return to the altcoin space, the token could test the $2.89 resistance (0.382 Fib) in the short term. Until then, caution remains warranted as sellers still dominate momentum.
