Sui (SUI) trading volume dropped 30% in 24 hours, reflecting waning interest. Initially, traders were hopeful for SUI to hit $3, but as the price fell short of the $2 mark, expectations lowered.
The plummeting volume, now at $503.32 million, signals decreased market enthusiasm. Typically, declining volumes during a price recovery indicate bearish momentum, suggesting SUI might drop below $1.91.
The Coinglass Long/Short Ratio, a measure of investor sentiment, is just below 1, indicating a cautious market stance rather than a bearish one, as traders await price movement clarity.
SUI's recent drop below the 20-day Exponential Moving Average raises concerns about further short-term declines to $1.64. However, improved trading volume and buying pressure could shift this negative trajectory, potentially driving the price to $2.37.
