Despite its recent listing on Robinhood, SUI price continues to decline as technical indicators remain bearish. Market analysts attribute the downward trend to a combination of increased market skepticism and sustained bearish sentiment in the broader cryptocurrency market. The token’s price has been on a downtrend since August 17th before entering a consolidation phase between $3.40-$3.50. As of press time, it trades at around $3.47, down 16% from this month’s peak and 34% from its highest point year-to-date. 5.64 million in long liquidations were recorded yesterday alone, signaling a significant shift in market sentiment towards bearishness. This decline is mirrored by the declining open interest in SUI futures contracts, which has dropped from $2.66 billion in late July to $1.84 billion currently, indicating reduced speculative activity and decreasing market confidence. Long/short ratio also fell below 1, signaling more traders are betting on downside movements. On-chain data further reveals the Sui ecosystem is struggling. The total value locked (TVL) in its decentralized finance dropped by 11% over the past seven days to $3.4 billion, while stablecoin supply has declined 16% over the same period, now around $770 million. A decline in stablecoin supply often signals reduced capital inflows and user engagement within the ecosystem. On technical charts, SUI’s price has fallen below its 50-day moving average – a classic bearish sign for traders – and momentum indicators further reinforce this negative outlook. The Moving Average Convergence Divergence (MACD) has crossed below its signal line, accompanied by expanding red histogram bars, while the Relative Strength Index (RSI) dropped to 44, indicating increased selling pressure. Based on these bearish signals, SUI may potentially drop to the $3.27 support level. A decisive break below this threshold might lead to a further decline below the psychological $3.00 level. However, a potential bullish reversal remains in play if SUI tests and rebounds from a rising trendline that has provided support on multiple occasions since April. Historically, SUI has rebounded each time this trendline was tested, hinting at its continued importance for potential market turnarounds.