SUI hit a wall at $0.77 and couldn't break through. The token's price was turned back at that resistance level, and now traders are bracing for a drop. Open interest in SUI futures collapsed by 10%, a sign that leveraged bets are unwinding fast.
Why the $0.77 ceiling held
The $0.77 mark has been reinforced as a hard ceiling. Every time SUI approached that price, sellers stepped in. Taker sell pressure is overwhelming buyers — meaning market orders to sell are consistently larger and more frequent than buy orders. That imbalance keeps the price pinned below resistance.
Without a surge in buying volume, there's no catalyst to push through. The rejection at $0.77 isn't a surprise to anyone watching the order book. It's the same level that stopped SUI before.
Open interest collapse signals bearish sentiment
The 10% drop in open interest is the clearest signal yet that traders are closing positions. When open interest falls alongside price, it usually means longs are being liquidated or traders are exiting voluntarily. Either way, it's bearish.
Fewer open contracts mean less fuel for a breakout. If new money doesn't step in, the path of least resistance is down. The data suggests the crowd is betting against a recovery — or at least not willing to risk it.
The next probable move is a flush downward. With resistance holding and open interest shrinking, a breakdown below recent support looks likely. Where that support lies isn't clear from the available facts, but the momentum is against the bulls.
Traders are watching for a decisive move below the current range. If selling pressure continues to dominate, SUI could test lower levels. No one is calling a bottom yet.
