SUI, the native token of the Sui Network, plunged 9% to $2.10 over the past 24 hours, significantly underperforming the broader crypto market during an industry-wide sell-off.
The token’s 4.89% lag behind the crypto market suggests that this move was not only related to market weakness, but was specific to SUI.
The sale bore the hallmarks of an institutional liquidation. Prices fell from $2.32 to test critical support as trading volume surged 53% above the 7-day average. The spike in activity indicates a repositioning of large blocks, not a retail-driven panic.
At the heart of the move was a decisive breakout to $2.16. SUI crossed this level with a volume of 99.13 million tokens – 628% above its 24-hour average – confirming strong bearish pressure. This breakdown was followed by a strong rebound from $2.04, forming a V-shaped rebound as institutions appeared to recover the token to lower levels.
Nevertheless, the rally ran out of steam near $2.13, an area of psychological resistance. Volume declined through the close, suggesting buyers lacked the conviction to push SUI significantly higher in the near term.
Elsewhere, the CoinDesk 5 Index (CD5) saw a 3.35% decline to $1,860.70, including a flash crash to $1,826.66 before rebounding. The move also showed signs of institutional selling, crushing technical support during a high-volatility session.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team for accuracy and compliance with our standards. For more information, see CoinDesk’s full AI policy.
