SUI dropped 9% to $3.34, retesting $3.29 support while short positions built $30.99 million, raising bearish momentum.
It achieved 1,632 TPS and $143 billion DEX volume, showing network growth despite $24.85 million outflows and weak ADX trend strength.
Sui [SUI] dropped 9% in 24 hours, trading near $3.34 at press time. The decline came as Bitcoin [BTC] and Ethereum [ETH] also lost 2.90% and 6.95%, respectively, placing SUI at a key decision point.
SUI retested its ascending trendline from April 2025 for the third time. Previous retests triggered strong rebounds.
If support holds, the altcoin could climb 27% toward $4.33. A breakdown below trendline support may trigger a 16% fall to $2.80.
However, SUI’s Bollinger Bands indicator hinted at a potential price reversal.
On the daily chart, we can observe SUI’s price fell to the lower boundary of the Bollinger Bands, suggesting the altcoin was in a downtrend but with a strong possibility of reversal.
This pattern has been recorded multiple times since June 2025.
Whereas, the Average Directional Index read 14.65, signaling weak trend strength.
Besides the price action, the altcoin appeared fundamentally stronger than ever.
Recently, a SUI-based crypto community shared a post on X, revealing that SUI reached 1,632 transactions per second (TPS) on the 19th of September. This marks a record all-time high for the blockchain.
Not only that, but its cumulative Decentralized Exchange (DEX) volume also hit a record high of $143 billion.
Moving on, it appeared that the short-term outlook for the SUI was bearish, while the long-term sentiment was still bullish.
Spot Netflows from CoinGlass showed a $24.85 million outflow on the 22nd of September, hinting at accumulation and reduced sell pressure.
Even so, liquidation data showed traders leaned bearish.
SUI’s major liquidation levels sat between $3.292 and $3.704. Long liquidations stood near $3.66 million, while short liquidations dominated with $30.99 million in leverage.
This left near-term sentiment fragile, while long-term fundamentals stayed supportive.
