At 22:00, SUI’s volume suddenly exploded to three times its usual level, and one candle dropped 2%.
It climbed from 1.10 to 1.26 in 4 days, just about to break through 1.30—then today it plunged straight from 1.24 to 1.18. Down 4.65% over 24 hours, with 1.98 million trades worth $500 million.
That $500 million in selling pressure didn’t come from retail traders. It was either big money selling off, or the major players sweeping stop-losses.
Right now, 1.18 is the key level to watch. If it holds, it’s just a shakeout; if it breaks, watch 1.13 and 1.10. There’s a lot of trapped buyers between 1.24 and 1.26, so it’ll take a while to work through that supply.
If you’re short, wait for a rebound to 1.20 and close half your position. If you’re long, put your stop-loss at 1.17 and exit immediately if it breaks.
$SUI
It climbed from 1.10 to 1.26 in 4 days, just about to break through 1.30—then today it plunged straight from 1.24 to 1.18. Down 4.65% over 24 hours, with 1.98 million trades worth $500 million.
That $500 million in selling pressure didn’t come from retail traders. It was either big money selling off, or the major players sweeping stop-losses.
Right now, 1.18 is the key level to watch. If it holds, it’s just a shakeout; if it breaks, watch 1.13 and 1.10. There’s a lot of trapped buyers between 1.24 and 1.26, so it’ll take a while to work through that supply.
If you’re short, wait for a rebound to 1.20 and close half your position. If you’re long, put your stop-loss at 1.17 and exit immediately if it breaks.
$SUI
