SUI's movement last night was just a direct continuation of the previous bullish trend, with no surprises at all.

I had mentioned before that it retreated from the high of 1.41, and when it oscillated around 1.28, the bulls had already lost momentum. Last night, it directly broke through this weak support, dropping to around 1.26, and is now struggling at 1.2777 with a weak rebound, not even having the strength to touch the middle band of the Bollinger Bands.

Technically, the middle band of the Bollinger Bands is trending downward. Last night, each small rebound near the middle band was met with selling pressure that pushed it back down. During declines, volume increased; during rebounds, volume decreased. The dual selling pressure from profit-taking and trapped positions hasn't been fully released, and the bulls lack the capacity to absorb it. On the order book, sell orders in the 1.28-1.30 range are still densely stacked, with no movement in trapped positions. As soon as the price tries to rise, it gets hammered down.

Additionally, the overall market was weak last night. The Bitcoin correction cooled market sentiment, and high-elasticity altcoins like SUI tend to follow the decline rather than lead the rally. When funds panic, they prioritize exiting, leaving no room for an independent trend.

Now, 1.28 has shifted from support to strong resistance, and the short-term trend is completely bearish. In terms of trading, avoid blindly buying the dip. When the rebound hits 1.28-1.29 and faces resistance, consider shorting. Support below is around 1.25; if broken, there’s room for further decline. In this kind of bearish trend, hoping for a V-shaped reversal is not a safe strategy for survival. #TROLL两日涨超160% $SUI