The SUI token has been in a bit of a freefall since August 17, entering a consolidation phase between $3.40–$3.50 on August 20. At the time of writing, it's trading at $3.49, a sharp 15% drop from its high this month and 34% lower than its peak for the year.
Robinhood Listing Doesn't Save SUI
Despite being listed on Robinhood, one of the U.S.'s favorite crypto exchanges, SUI’s price is still in decline. Usually, listings like these spark price rallies, but not for SUI. It's possible the token is just another casualty of the overall bearish market mood. With Bitcoin slipping below $113,000 and Ethereum also seeing a dip under $4,100, the market is not exactly buzzing with positivity.
Investor sentiment around SUI seems to be getting darker. Data from CoinGlass shows a dramatic drop in open interest for SUI futures from $2.66 billion in late July to $1.84 billion today. This suggests that traders are backing away and the market confidence is dwindling.
Even more worrying is the shift in the long/short ratio, which has dipped below 1, meaning more traders are now betting on SUI’s downfall. To add to that, $5.64 million worth of long positions were liquidated in the most recent session.
DeFi Struggles and Stablecoin Drop
Onchain data from DeFiLlama paints a grim picture for the Sui ecosystem. The total value locked in its decentralized finance (DeFi) has dropped 11% over the past week, now sitting at $3.4 billion. Stablecoin supply on the blockchain has also taken a hit, falling 16% to around $770 million. Since stablecoins are essential for on-chain liquidity and trading, this suggests reduced capital inflows and a dip in user engagement.
On the technical side, SUI’s price has dropped below its 50-day moving average, a classic bearish indicator. The momentum indicators don’t offer much hope either: the Moving Average Convergence Divergence (MACD) has crossed below its signal line, and the Relative Strength Index (RSI) is sitting at 44, which suggests increased selling pressure.
What’s Next for SUI?
Looking ahead, SUI might drop to the $3.27 support level, which was the monthly low on August 2. A break below this could send the token under the psychological $3.00 mark. However, there’s a glimmer of hope if the price manages to test and bounce from the rising trendline that has offered support since April. Historically, each time SUI has tested this trendline, it’s rebounded. So, it’s definitely a key level to watch.
Alex Shepel
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