SUI is facing renewed selling pressure once again after the token failed to hold above an important support level at $0.67, a breakdown that could open the door to further downward pressure in the coming days.

At the time of writing, SUI was trading at around $0.6556, down 3.11% over the last 24 hours, according to CoinMarketCap data. SUI is the native token of Sui, a Layer 1 blockchain built on the Move programming language and developed by Mysten Labs, a startup co-founded by former Meta engineers who previously worked on the social media company's Diem blockchain initiative. The token has recorded approximately $375.06 million in daily trading volume, while its market capitalization stands near $2.67 billion, a scale that places it among the larger Layer 1 networks by market value.

SUI Loses Key Accumulation Support

Crypto analyst BitGuru flagged the development on August 18, noting that SUI was unable to hold its accumulation zone at $0.67 and moved down to $0.65 (X post).

From a market structure perspective, the $0.642–$0.65 range could prove decisive for SUI's next move. If buyers step in at this level and prevent a deeper breakdown, SUI may attempt to bounce back toward $0.68–$0.69.

A recovery above $0.67 would be crucial, as it could confirm that the recent breakdown was only temporary. In that scenario, buyers would look to regain control of the $0.68–$0.69 area.

At the same time, the downside risk remains considerable. If SUI drops below $0.642 and fails to recover from that point, the next potential target could sit near $0.62.

SUI Trades Below Key Bollinger Band Levels

On the technical chart (TradingView), SUI's price of $0.6556 currently sits below the lower Bollinger Band at $0.66254. The middle Bollinger Band level stands at $0.68181, and the upper Bollinger Band level at $0.70107. Trading below the lower band signals continued selling pressure and weak price strength. Bollinger Bands are built around a moving average with bands set at standard deviations from it, which means the middle line at $0.68181 also represents the indicator's baseline average — a level that falls squarely inside the $0.68–$0.69 resistance zone flagged in the market structure above.

Meanwhile, the momentum oscillator remains negative. The MACD — an indicator that compares two moving averages of price to gauge shifts in trend momentum — currently has its line at -0.01232, sitting below the signal line at -0.01188, while the histogram value reads -0.00043. This configuration keeps the MACD in negative territory and indicates the persistence of bearish momentum. A failure by the MACD to move upward could translate into further pressure on SUI's price.

What Happens Next for SUI?

The next few trading sessions will be crucial in determining SUI's immediate direction, and the levels to watch are clearly defined on both sides of the market. As with any technical framework, these levels outline scenarios rather than guaranteed outcomes, and SUI's path will also be influenced by conditions across the wider crypto market, where large-cap altcoins have historically shown a strong correlation with Bitcoin's overall direction.

The first support level to monitor is the $0.642–$0.65 zone. Any reaction at this level may enable buyers to step back in and propel SUI above $0.67. If they manage that, the subsequent resistance levels to watch would be $0.68–$0.69, followed by the upper Bollinger Band level at $0.70.

Conversely, persistent selling pressure below $0.642 would reduce the probability of a recovery and could result in a test of the $0.62 level.

At present, SUI's price action continues to lean bearish, with the Bollinger Bands and the MACD both pointing to further weakness. The key takeaway for traders is that SUI must recapture $0.67 and challenge the $0.68–$0.69 area in order to demonstrate a genuine resurgence in buying interest.

This article contains market analysis and price predictions, which are not guarantees. Crypto markets are volatile — always do your own research. This is not financial advice.