SUI Slides to $3.02 After Heavy Sell-Off — Is the $3 Level Strong Enough to Hold?

Sui (SUI)

dropped 9.64% to $3.0211 on June 13, extending a steep overnight correction that saw the token fall from $3.34 to an intraday low of $2.9556. The breakdown at $3.20 — a previously firm support zone—unleashed heavy sell pressure and marked a turning point in short-term sentiment, with over 50 million tokens traded during the selloff.

After briefly breaching the $3.00 level, SUI found support around $2.997, where buyer interest began to surface. Price has since recovered into a narrow $3.00–$3.05 consolidation band, though momentum remains fragile. Lower highs continue to form, suggesting that sellers are still in control unless bulls can reclaim levels above $3.05 with conviction.

The sharp move follows a wave of broader crypto weakness and a brief spike in BTC prices tied to U.S. inflation data earlier this week. While the macro backdrop remains uncertain, SUI’s price behavior appears primarily technical: the $3.20 breakdown triggered cascading stop-losses and panic selling, while psychological support near $3.00 has temporarily stemmed the decline.

Volume patterns suggest cautious accumulation, with a notable spike at 14:00 UTC when over 1.2 million tokens changed hands. However, unless buyers can reclaim key resistance levels, the current bounce may prove short-lived. A confirmed close above $3.05 would be the first step toward invalidating the current downtrend.

Technical Analysis Highlights

• UI dropped from $3.343 to $2.9556 in 24 hours, a 12.9% decline before partial recovery.
• Sell pressure intensified after the $3.20 breakdown at 00:00 UTC, with 50M+ tokens traded.
• Price has stabilized in a $3.00–$3.05 consolidation band.
• A minor recovery lifted price from $2.997 to $3.017 in the most recent hour.
• Volume at 14:00 UTC topped 1.2M, signaling short-term accumulation near support.
• Resistance sits at $3.05; support remains firm at $2.94.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.