Sui price continues its downtrend after failing to break resistance at $4.20, with a potential drop to $2.71 as market volatility intensifies. As Bitcoin tumbles below the $103,000 mark while momentarily reaching the $100,000 level, altcoins are in a free fall. Sui momentarily breached below the $3 psychological level in a bearish pattern. Will the increasing market volatility drop the SUI price to $2.71? SUI Price Analysis On the 4-hour chart, SUI continues a bearish trend after failing in its third attempt to overcome the $4.20 resistance. SUI Price Chart Since then, the SUI price has decreased by more than 25% over the past two weeks. The declining trend forms a falling channel pattern and has resulted in a death cross between the 50 and 200-period EMAs. With the recent downfall, the 100 and 200 EMAs have also registered a negative crossover. During the pullback, the SUI price fell to $2.88 last night. However, the intraday recovery has pushed the current market price to $3.02, reclaiming the psychological level. Additionally, it marks a positive comeback from the local support trend line. As the SUI price attempts to bounce back within the falling channel, the 4-hour RSI line shoots off from the oversold region, signaling a minor burst in bullish momentum, while the overall sentiment remains bearish. As the broader market remains volatile, SUI could test the immediate support level at the 50% Fibonacci level at $2.71, as it remains the path of least resistance. However, a closing above the $3.00 resistance level could challenge the overhead resistance trend line near the $3.20 level. Bearish Sentiment Surge in Derivatives Market As the bearish trend in SUI intensifies, the derivatives data from Coinglass reveals that more than $11 million worth of bullish positions were wiped out in the past 24 hours. The short liquidations remain at $693K, reflecting a massive exodus of SUI bulls. This has resulted in a steep pullback of 2.4% in the open interest down to $1.39 billion. SUI Derivatives Additionally, the increased long liquidations have dropped the long/short ratio to 0.8843 in the past 24 hours. Hence, the derivatives data reflects a complete bearish dominance, anticipating a steep correction in the altcoin.