CryptoPM

$SUI

SUI’s 6.5% 24-hour drop reflects profit-taking after a multi-week rally, cooling derivatives activity, and sector rotation into newer altcoin narratives.

Profit-taking after SUI’s 33% 30-day gain and overbought RSI (70.26)

Derivations cooling: Open interest dipped 15% to $1.79B as traders reduced leveraged longs

Altcoin rotation: Capital shifted toward tokens like XRP (+17%) and AVAX (+14%)

Deep Dive

1. Technical Correction

SUI’s RSI (70.26) signaled overbought conditions after a 33% 30-day rally to $4.10. The pullback found initial support at $ 3.68 (23.6% Fibonacci retracement), aligning with its 7-day SMA ($ 3.74).

MACD histogram narrowed to +0.12, showing fading bullish momentum

Volume dipped 18% to $ 3.35B, confirming reduced buying pressure

2. Derivatives Reset

SUI’s derivatives market saw long unwinding:

Open interest: Fell from $2.12B to $1.79B (-15%) as traders closed positions (CoinMarketCap)

Funding rate: Dropped to 0.0083%, down 89% from July 17 peaks (CoinMarketCap)

Liquidations: $6.1M longs vs. $2.9M shorts liquidated in 24h

Conclusion

SUI’s dip appears corrective rather than structural, driven by natural profit-taking and reduced leverage. With Bitcoin dominance falling to 60.96% and altcoin season sentiment rising (+81% in 30 days), SUI could rebound if it holds $3.68 support.

What catalyst could reignite SUI’s uptrend – sustained TVL growth or a breakout above $4.20?

#sui #Macro Insights# #AltSeason #Altcoin