- Abraxas Capital shorted major tokens including SUI, anticipating deeper market drops during the recent crypto downturn.
- SUI price is hovering around $3, a key support—holding it could lead to a rebound toward $3.90 or higher, but breaking it might send the token tumbling below $2.
- Liquidation maps show intense pressure from both longs and shorts, with $13M in shorts at risk if SUI rallies, and vulnerable longs ready to fold if support breaks.
Abraxas Capital didn’t flinch during the latest crypto shake-up—they jumped straight into shorting action. According to OnChain Lens, the firm opened shorts on heavyweights like Bitcoin, Ethereum, Solana, and newer names like Hyperliquid and Sui Network. These trades, tracked through two wallets, weren’t subtle. They were expecting things to slide… hard.
SUI, in particular, took a hit as a result. And with that drop to $3.00, the token now stands at a critical junction. Whether this is just a small pullback—or the start of a breakdown—is the question.
Will $3 Be the Bounce Point or the Breaking Point?
SUI’s price hovering around $3 could go either way. It’s a key level—if it holds, there’s a shot at reclaiming $3.90 and maybe pushing back up toward its recent high near $5.36. But if that support cracks, look out below. The next pit stops could be down in the $2.00 or even $1.38–$1.50 zone, where buyers previously stepped in back in March and April.
Technical indicators aren’t screaming bearish just yet, though. The MACD histogram is still in the green, meaning momentum hasn’t turned entirely sour. But the chart’s showing some lower highs, which—if they continue—could signal deeper trouble ahead.
If bulls do step in and price bounces from $3.00, there’s a shot at surprising the bears. A short-covering rally could send SUI ripping upward. But that’s a big “if.”
Liquidation Pressure Builds From Both Sides
Zooming into the liquidation map, it’s a tense setup. There’s roughly $13.78 million worth of short positions stacked between $3.05 and $3.39—many of them using high leverage. If SUI pushes through that $3.06 level, it could kick off a brutal squeeze as those shorts get torched.
But it’s not just shorts that are vulnerable. Longs are piling up too—especially between $2.70 and $2.95. If the price slips under $3 again, that could trigger a panic unwind from bulls hoping to protect gains—or limit the damage.
Right now, sentiment is tilted toward more downside. But in crypto, sentiment flips fast. All it takes is a clean move past resistance or a short squeeze spark to change the whole game.
