Sui (SUI) Price Holds Above $2 Amid Market Pressure
Sui (SUI) is trading above $2.00 as buyers try to limit losses on Tuesday. The Layer-1 token has fallen 14% since early October. This drop reflects the cautious mood in the broader cryptocurrency market. If selling continues, SUI could lose another 15% soon. The derivatives market remains weak after the big sell-off on October 10.
Sui Staking Balance Drops as Investors Pull Out
Investors are reducing their risk by pulling out of Sui. The token’s Total Value Locked (TVL) in DeFi fell 4.76% to $1.6 billion in the last 24 hours. This drop matches SUI’s price decline and shows negative sentiment around the token.
When confidence in a token weakens, investors often withdraw from smart contracts. This increases selling pressure and hurts price recovery. However, some traders are increasing long positions in the derivatives market. The Open Interest-weighted funding rate rose to 0.0070% from 0.0002% on Monday, signaling some optimism as SUI stays above $2.00.
Technical Outlook: SUI Faces Bearish Signals
SUI’s technical charts show more risks if the $2.00 support breaks. The Moving Average Convergence Divergence (MACD) gave a sell signal on Monday, pushing traders to cut exposure. The Relative Strength Index (RSI) is steady at 29, hinting at price consolidation. This stability might let traders prepare for a possible bounce.
SUI remains below key moving averages: the 50-day EMA at $2.82, the 100-day EMA at $3.06, and the 200-day EMA at $3.15. This bearish setup may keep the price near $2.00 or push it down 17% to $1.70, a level last seen in April.
