Sui (SUI) experienced a 10% decline on Friday, marking its fifth consecutive day of losses amid waning retail interest. The token's technical outlook remains bearish, with potential for further decline towards $1.00. SUI's performance reflects a broader market shift away from underperforming layer-1 assets.
In the derivatives market, SUI is also losing ground. CoinGlass reports a 10.5% drop in SUI futures Open Interest to $727.97 million, alongside $7.2 million in liquidated positions, predominantly from long positions, indicating strong sell-side pressure. Technical indicators, including a bearish SUI/USD 4H chart and a Relative Strength Index (RSI) below the midline, suggest continued bearish momentum. Key support levels are at the 200-day EMA at $1.0270 and the 78.6% Fibonacci retracement at $0.9972, with potential resistance at $1.2171 and $1.2900 if bulls regain control.
Sui (SUI) Drops 10% as Retail Demand Weakens and Bearish Trends Persist
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