SUI encounters 25 times short selling pressure, and the price faces a key support level test

Background information: Abraxas Capital took advantage of the decline in the cryptocurrency market and carried out a large number of short operations on Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Hyperliquid (HYPE) and Sui Network (SUI) on the HyperLiquid exchange, especially SUI with a short leverage of up to 25 times. Main event: The price of SUI fell to the key support level of $3, and the market showed signs of volatility, with buyers waiting and watching. If it can hold $3, the price is expected to rebound to the recent high of $3.90 or even $5.36; if it falls below, it may fall to $2 or the historical support level of $1.38-1.50. The MACD indicator shows that the momentum has not yet completely turned bearish. Potential impact: A large number of short positions in the market are concentrated in the range of $3.05 to $3.39. If the price breaks through $3.06, it may trigger a wave of forced liquidation, leading to short covering and driving prices up rapidly. At the same time, there is an accumulation of long positions in the $2.70 to $2.95 range, and price fluctuations may trigger a fierce game between long and short parties. Overall, most market participants are betting on a fall in prices, but if shorts are squeezed, there may be a sharp rebound.