SUI Failed to Attempt $4, Eyes Key $3.17 Support Zone

• SUI trades at $3.80, with 3.25% daily surge and 2.63% weekly decline, with $13.09B market capitalization.
• Open interest dropped 9% to $1.93 billion, while funding rates eased to 0.0083%, showing weaker leveraged demand.
• SUI faces strong resistance at $3.85–$4.07, with downside risks toward $3.17 if support fails.

SUI is struggling under intense market pressure, unable to break through the $4 resistance. Currently trading at $3.80, with 1.77% increase over the last 24 hours and 2.63% decline over the last seven days. It has a capitalization of $13.09 billion, and the volume is falling sharply.

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SUI futures open interest is down 9% to $1.93 billion. The decline indicates minimal short-term squeeze possibility. Funding rates have returned to 0.0083% from the July highs, signifying waning leveraged trading demand. Traders continue to be wary, a sign of short-term indecision and weakness in the crypto exchanges.

SUI Potential Breakdown Targets $3.17 Zone

The Relative Strength Index on the 4-hour chart has dropped to 44, indicating bearish bias. SUI currently consolidates around $3.72, aligning with the 61.8% Fibonacci retracement level. This support has historically been important. However, a clean break below could drive selling toward $3.17, testing the 78.6% retracement zone.

For recovery attempts, resistance zones at $3.85 and $4.07 remain critical. Both levels previously hosted strong selling pressure. Analysts highlight that clearing $4.07 decisively could spark bullish momentum, potentially pushing targets toward the $4.75 zone. Until then, resistance continues acting as a ceiling, blocking upward market progress.

Market Analysts Stress Caution for Investors Crypto analyst Ali pointed out SUI’s consistent failure in breaking through $4, noting surging selling momentum. Analysts note the failure of the $3.72 support level could trigger a faster downward action towards $3.17. 

If SUI holds $3.72 support, consolidation could follow before fresh resistance retests. Immediate upside attempts would likely aim for $3.85 and $4.07. However, a breakdown below $3.72 could spark stronger selling pressure, exposing $3.17. This level would then become a critical battleground for potential rebound opportunities in near-term trading.

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