Altcoin Retreats After Resistance Rejection, Open Interest Falls
The Sui (SUI) price slipped to around $3.69 in Tuesday’s session, marking a sharp 4% intraday decline after failing to sustain momentum above the $3.98 resistance zone. This pullback comes as selling pressure and long position liquidations increase across the market.
According to market data, open interest dropped by nearly 15% in the past 24 hours, signaling a wave of leveraged position closures. Funding rates — which had climbed to elevated levels in July — have now retreated sharply, reflecting a cooling sentiment among traders.
On the daily chart, SUI recently broke free from a prolonged downtrend, rallying from the $2.00–$2.20 demand zone toward its recent peak. However, the rally stalled just below overhead resistance, with the latest candle showing a rejection wick — a sign of weakening bullish momentum.
Key support levels now sit around $3.15 and $2.45, areas where buying activity previously revived upward moves. If the price slips below $3.15, analysts warn of a deeper retracement toward the mid-$2 range.
“A healthy market structure often includes pullbacks,” noted BITX market strategist. “If SUI holds above $3.15, it could base for another attempt at the $4.00 breakout.”
The broader altcoin market has shown mixed performance this week, with several assets facing profit-taking after recent rallies. For SUI, the decline in open interest suggests speculative leverage is unwinding, which could reduce volatility in the short term.
With momentum indicators flattening and volume easing, traders are watching for confirmation of either a bounce from support or a breakdown toward lower demand zones. In the near term, holding above $3.15 will be critical for maintaining the bullish case.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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