SUI Price Drops 15% as Bearish Wedge Breakdown Sends Token to $2.30 Support

• The token has broken below its long-term rising wedge, confirming a clear bearish continuation pattern.
• The $2.30 level now serves as the main structural and psychological support after a 15.1% daily decline.
• Repeated rejections near $2.73 highlight persistent selling pressure, keeping SUI confined within a narrow corrective range.

SUI continued its downward trajectory following a confirmed breakdown from a long-term rising wedge formation. The asset’s macro bearish structure, visible on the daily chart, has now led to accelerated selling pressure. SUI traded at $2.30 at press time after a sharp 15.1% decline over the past 24 hours. The token moved between $2.30 and $2.73 during the session, maintaining volatility within a tightly defined range.

Breakdown From Long-Term Rising Wedge

The current price action confirms a decisive breakdown from the broad wedge pattern that developed until mid-2025. The pattern had been created as higher highs and higher lows drawn out over many months, gradually narrowing into a wedge. Notably, the present fall is the first decisive break below the lower trendline since May.

This technical descent comes in the wake of numerous failed bids to trade at around $3.50, a structural middle point in previous cycles of trading. With the support trendline now broken, short-term focus has turned to identifying the next solid region below $2.30. Market statistics show consistent selling pressure in recent day sessions, which shows that liquidation events have been the cause of the precipitous decline.

Current Support and Resistance Structure

At present, $2.30 represents both a psychological and structural support area that aligns with previous reaction zones from early May. Price fluctuations around this level will be critical in determining whether stabilization can occur. The immediate resistance remains at $2.73, which previously acted as an intraday cap during the early stages of this decline.

However, each rebound attempt over the past week has met swift rejection at lower highs, maintaining the bearish pattern’s integrity. As sellers dominate the trend, price consolidation near the lower boundary could influence upcoming market positioning. Trading volume has also increased notably since the breakdown, reinforcing short-term uncertainty across the pair.

Market Context and Short-Term Outlook

SUI’s bearish wedge breakdown has positioned the asset near its lowest levels in several months. The prevailing trend shows a continuation of downward movement, though volatility remains elevated. The asset’s proximity to $2.30 underscores its importance as a potential inflection point in the near term.

Market observers remain focused on whether liquidity accumulates below this threshold or if further declines retest lower price areas from early April. Until a decisive shift in volume dynamics occurs, SUI’s near-term range remains defined by the $2.30 support and $2.73 resistance levels.