Sui [SUI] crypto token was trading at $0.7799 as of writing, after a drop of 4.6% in the past 24 hours. In fact, in just one month the altcoin has fallen by over 26%, which has raised eyebrows across the community.
However, the SUI Community has taken this drop from an optimistic lens and suggested that SUI’s price may be nearing its bottom. They argue that sell-side liquidity, such as stop-loss orders, is piling up just below the low range.
Their theory, based on Wyckoff-style analysis, is that price may briefly dip below the range to trigger those orders, then reverse sharply upward and break out.
Hence, they added,
If the candles break lower, we could see a short‑term bounce back soon.
For context, this analysis was done when SUI was trading around $0.81, and since then the altcoin has fallen even further.
Crypto community on SUI
Echoing similar sentiments, another X account added,
However, not everyone shared the same sentiment, as another analyst shared his opinion and said,
So, if looked at carefully, SUI has already experienced its major price decline and is now in a consolidation phase. During this period, impatient investors may sell their holdings out of frustration, while patient investors continue accumulating.
Many believe that this phase could eventually lead to an expansion phase, potentially triggering another upward price move.
What triggered Sui’s price fall?
This comes as Suiet, a self-custodial wallet for the Sui blockchain, has announced plans to shut down development and maintenance, with its API services ending on the 14th of November.
All of this also resulted in Sui’s total value locked (TVL) falling more than 23% in a month, from $510.9 million to $394.27 million, raising more questions.
However, with more than $100 million worth of stablecoins entering the Sui ecosystem in less than a month, hope remains.
What’s next for SUI?
Meanwhile, the 24-hour liquidation heatmap for SUI/USDT on Binance from CoinGlass shows that the brightest clusters sit above the current price near $0.81, $0.82, and $0.83. So, if the price pushes up, it could trigger a wave of short liquidations that adds fuel to the rally.
However, there is also a cluster near $0.775 to $0.78 and another around $0.76, which is where the recent dip already swept through, so those long positions have largely been flushed. This somewhat fits the Sui Community’s “shake-out” idea, since the dip below the range likely cleared out leveraged longs before the bounce.
Remarking on the same, known crypto analyst, Ted Pillows added,
Late longs have been wiped out, and now shorts are getting aggressive. Only a matter of time before these shorts will get liquidated.
Final Summary
- SUI experienced its major price decline and is now in a consolidation phase.
- Sui’s TVL fell more than 23% in a month, from $510.9 million to $394.27.
