SUI Drops 10% to $3.02, but Is a Turnaround Forming After Buyers Step In Near $3?

Question

Sui (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.

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