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SUI Tanks to $2.93 as Bullish Hype Quickly Crumbles
SUI crypto took a nosedive today, dropping to $2.93 after bears wrestled control from the bulls. The digital asset failed to reclaim resistance near $3.30, triggering a cascade of selling pressure that left investors scrambling. This sharp decline marks a significant shift from the optimistic sentiment that had been building around the layer-1 blockchain project. The cryptocurrency has recorded a weekly decline of nearly 7%, confirming the breakdown below the psychologically important $3.10 level.
Bears seize control as SUI plummets to $2.93, crushing bullish hopes and triggering panic selling
The technical picture tells a sobering story for those hoping for a quick recovery. SUI broke below a critical trendline that had been supporting its price action, signaling that sellers have taken charge. The cryptocurrency is now approaching the 0.236 Fibonacci level at $2.57, which could serve as the next line of defense. Current market sentiment shows the Fear & Greed Index sitting at 0, indicating extreme fear among investors. The mass sell-offs have pushed SUI below critical thresholds, a pattern often seen when FUD spreads through crypto markets.
Momentum indicators have turned bearish, with the failure to sustain above $3.11 confirming the downward bias. Think of it like a game of tug-of-war where the bears just yanked the rope hard enough to send bulls tumbling.
Despite the current gloom, not everyone is ready to throw in the towel. Some analysts maintain a neutral stance, suggesting SUI could trade between $3.00 and $3.40 in the coming weeks. The more optimistic predictions even call for a potential surge to $4.35 by the end of June 2025.
However, the bear case paints a grimmer picture, with prices potentially ranging between $2.60 and $2.95.
What’s keeping hope alive is the fundamental strength underlying SUI’s ecosystem. The project boasts $2 billion in total value locked, indicating solid institutional backing. Developer activity remains high, and the platform’s focus on scalability and user experience through Web3 integration continues to attract attention.
It’s like having a sturdy foundation even when the house above needs repairs.
Long-term projections remain ambitious, with some forecasting SUI could reach $7.01 by the end of 2025 and potentially $23.77 by 2030. However, these predictions assume favorable market conditions and continued ecosystem growth.
For now, traders are watching key support at $2.57 and resistance at $3.50. As always in crypto, dyor before making any moves. The market giveth, and the market taketh away.
