SUI Price Faces Renewed Pressure After a 7% Drop

The price of SUI, the native token of the Sui blockchain, is facing renewed pressure after a steep 7% drop over the past 24 hours.

The price of SUI, the native token of the Sui blockchain, is facing renewed pressure after a steep 7% drop over the past 24 hours. As of May 15, SUI is trading at $3.72, marking a notable pullback after a strong monthly rally of nearly 68%.

The recent dip has brought attention to a key liquidation zone around $3.93, where heavy long positions were triggered as the price fell. According to The Kingfisher, a crypto analytics platform, dense liquidation orders were seen at $3.90, with the most critical point being $3.933, where massive liquidation activity was executed, applying significant downward pressure on the token.

This liquidation event acted like a magnet, pulling SUI further down and accelerating the sell-off. However, there weren’t any significant short liquidations to be liquidated above the current price, limiting the potential for a short squeeze that could push the token upward in the near term. This means that unless strong buying interest returns, the path higher may face resistance in the short run.

Currently, SUI is sitting just above a critical support zone between $3.73 and $3.85, which will likely determine the token’s immediate direction. A break below $3.73 could open the door for a steeper correction, especially if long liquidations continue to dominate.

Furthermore, the 24-hour trading volume has dropped by over 24%, highlighting weakening momentum and lower participation from both buyers and sellers. Such decreases in volume can lead to increased price volatility.

Despite the current pullback, several bullish factors remain. The fundamentals surrounding the Sui ecosystem are still strong, with the recent debut of the Axelar Bridge, integration with Phantom Wallet and Binance Alpha, and a rising Total Value Locked (TVL), all suggesting continued developer activity and expanding utility for the network.

One of the most anticipated upcoming events is the Great Sui Odyssey, set to commence on May 17. This community-driven initiative has generated significant buzz and could serve as a potential catalyst for renewed interest in SUI, especially if it attracts new users or partners to the platform.

In terms of technical levels, the next immediate resistance is seen at $4.02. However, a confirmed daily close above $4.35 would signal a strong bullish reversal and potentially open the door for a move toward the previous all-time high of $5.35—and possibly beyond. Traders should closely monitor these levels in the coming days.

For short-term traders, the current scenario requires cautious positioning. With high liquidation activity and reduced volume, the market could swing in either direction. It’s crucial to watch the $3.73 support and $4.02 resistance for signs of strength or weakness. A bounce from support could mark the beginning of a recovery, while a break lower may signal further downside.

Overall, SUI’s recent price dip is testing a crucial inflection point. Whether this move is just a temporary pullback or the start of a larger correction will depend on how the market reacts to the current support zone, upcoming events, and volume dynamics. While short-term risks remain, the project’s strong fundamentals and growing ecosystem suggest that long-term prospects still hold promise.