SUI, the native token of the Sui network, plummeted 9% to $2.10 over the past 24 hours, significantly lagging behind the broader crypto market during a sector-wide selloff.
The token’s 4.89% underperformance compared to the crypto market indicates that this decline was not solely due to market weakness but was SUI-specific.
The selloff appeared to be driven by institutional liquidation, with prices dropping from $2.32 to test critical support. Trading volume surged 53% above the 7-day average, pointing towards large-block repositioning rather than retail-driven panic.
A key factor in this movement was a decisive breakdown at $2.16. SUI fell through that level on a volume of 99.13 million tokens — 628% above its 24-hour average — confirming significant bearish pressure. After that breakdown, there was a swift rebound from $2.04, resulting in a V-shaped bounce as institutions seemed to acquire the token at lower prices.
However, the recovery lost momentum near $2.13, a crucial psychological resistance level. Volume dwindled toward the close, suggesting a lack of buyer conviction to drive SUI substantially higher in the near term.
Meanwhile, the CoinDesk 5 Index (CD5) experienced a 3.35% decline to $1,860.70, including a flash crash to $1,826.66 before recovering. This movement also indicated signs of institutional selling, which overwhelmed technical support during a high-volatility session.
Disclaimer: Parts of this article were generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see RialCenter’s full AI Policy.
Leave a Reply