SUI fell 3.4% over the past 24 hours, falling from $2.62 to $2.53, after a late-day collapse accelerated on strong volume gains, signaling likely institutional selling.
The drop shattered the $2.60 support level, a key threshold traders had watched throughout the session, CoinDesk Analytics found.
The collapse started as volume rose to over 25.4 million, well over 180% of the 24-hour average. Price action turned increasingly bearish into the evening as another wave of selling intensified.
A sharp decline at $2,577 was followed by a steep drop to $2,527 within minutes as nearly 2.7 million tokens changed hands in a single minute, likely triggered by algorithmic selling programs and stop-loss orders.
Charts showed a clear pattern of lower highs and lower lows throughout the day. Several attempts to regain ground above $2.60 failed, with resistance holding firm at $2.66. Sellers repeatedly stepped in and reinforced the upper limit.
No major news or fundamental catalysts appeared to drive the move, suggesting that price recovery was led by technical breakdowns. The volume profile and timing of the selloff pointed to systematic selling, not retail panic.
Traders now see support near the $2.50 zone, while resistance remains clearly defined at $2.577 and $2.66.
The broader market also showed pressure. The CoinDesk CD5 index fell 1.67% to $1,978.58, falling below the psychologically important $2,000 level, despite earlier gains that briefly pushed it near $2,040.
