SUI Price Faces $2.71 Target as Third Resistance Rejection Triggers 25% Decline

• SUI price drops over 25% in two weeks after failing to break $4.20 resistance
• Derivatives market shows $11 million in bullish liquidations
• Technical analysis points to potential test of $2.71 support

Sui continues its bearish trajectory after encountering its third unsuccessful attempt to break above the critical $4.20 resistance level. The altcoin has surrendered over 25% of its value during the past two weeks, creating a clear falling channel pattern that has technical analysts eyeing lower price targets.

Current trading activity shows SUI attempting to hold above the psychological $3.00 level following a brief dip to $2.88 overnight.

The technical deterioration has accelerated as both Bitcoin’s decline below $103,000 and its momentary touch of $100,000 have created widespread selling pressure across alternative cryptocurrencies.

SUI momentarily breached the $3.00 psychological barrier during this broader market weakness, highlighting the token’s vulnerability to external market forces and reduced risk appetite among cryptocurrency investors.

SUI Death Cross Formation Confirms Bearish Setup

The 4-hour chart reveals concerning technical developments that support the bearish thesis. A death cross has formed between the 50-period and 200-period exponential moving averages, traditionally viewed as a bearish signal that often precedes extended downward price movements.

This pattern has been compounded by an additional negative crossover between the 100-period and 200-period EMAs, creating multiple layers of resistance overhead.

Despite the recent recovery from $2.88 to the current $3.02 level, the bounce appears limited in scope. The 4-hour RSI indicator has moved out of oversold territory, suggesting some short-term bullish momentum, but the overall market structure remains decidedly bearish.

The local support trendline provided temporary relief, but broader technical indicators continue pointing toward additional downside risk.

The falling channel pattern provides clear guidance for potential price movements. Should selling pressure intensify, the 50% Fibonacci retracement level at $2.71 represents the most likely target for bears. This level aligns with the path of least resistance given current market dynamics and could attract additional selling if breached decisively.

Conversely, a sustained close above $3.00 could challenge the overhead resistance trendline near $3.20. However, this scenario would require significant buying interest and broader market stabilization to overcome the current bearish momentum embedded in the price structure.