SUI (SUI) joined the broader cryptocurrency market over the weekend, down 20%

Over the weekend, SUI cryptocurrency followed the overall crypto market and fell by as much as 20% in 24 hours.

The plunge has affected many digital assets, causing concern among industry insiders. Some even compared it to the Wall Street stock market crash in 1987, calling it "Black Monday."

As of press time, the SUI price has fallen below $2, hitting a new low since October 2024. Panic selling and bearish signals from multiple technical indicators, SUI is at risk of further decline.

In the short term, SUI prices may be difficult to rebound, and their support positions are facing tests. In addition, the Bollinger Bandwidth Index (BBP) has entered a negative area, indicating that the short side is dominant. If this trend continues, SUI prices may face a longer pullback.

SUI price analysis: non-bottom signal

Consistent with the currency flow indicator (MFI), the relative strength indicator (RSI) also shows that the SUI is close to the oversold area. RSI evaluates momentum by measuring the speed and amplitude of price changes, similar to MFI, which indicates whether an asset is overbought or oversold. A RSI below 30 means oversold, and a RSI above 70 means overbought.

Currently, the RSI value on the SUI/USD daily chart is 31.69, showing bearish momentum. If this continues, the SUI price may fall below the 0.236 Fibonacci retracement level, or even below the $1 mark. In extreme cases, the price may fall to $0.45.

However, if new funds are injected into the crypto market, the SUI price may rebound and the target price may reach $2.34. If the market rebounds strongly, the target price may even be higher, and SUI will get rid of the bearish situation. In this case, the SUI price may rise to $3.49 (0.618 Fibonacci retracement level).

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