SUIS (SUI) price fell 4% over the past 24 hours after experiencing significant market volatility overnight, Coindesk Analytics shows.
Token’s price swung $ 0.28 or approx. 7%between session heights of $ 3.98 and low level of $ 3.69. The digital asset initially demonstrated strength and went from $ 3.88 to $ 3.98 with institutional volume exceeding 18 million units before encountering significant $ 3.97 resistance to $ 3.98 level where the business sales pressure intensified.
Trade volume then saw a dramatic reversal, characterized by unique trading volume of 35.3 million units, establishing a critical support limit near $ 3.71 to $ 3.72, with institutional buyers trying to defend valuation.
The session was completed at $ 3.69, which represents a 5% decrease from opening levels, which continues to suggest bearish mood among business investors despite established support mechanisms.
Suis Derivatmarked also saw a wave of long positions relax, with open interest rates that fell 15% to $ 1.79 billion, according to CoinMarketcap. Financing rates – which affect the cost of keeping geared long positions – dropped to 0.0083%, down sharply from their July top of 0.075%. The decline in the rates reduced the incentive for dealers to maintain bullish geared bets and signal a cooling in the market mood.
SUI underperses the wider crypto market measured by the Coindesk 20 index, which is flat over the last 24 hours.
Despite a hard last 24 hours, the token has still risen by approx. 5% over the past seven days and 9% over the past month when more positive developments caught the investor’s eyes last week.
Swiss Digital Asset Bank Sygnum expanded its offers to include custody, trade and lending products tied to blockchain to its institutional clients on Friday. Earlier that week, another Swiss institution, Amina Bank, said it had begun to offer both trade and custody to SUI.
Suis Monthly Rally may be asking some investors to lock winnings, adding to the sale of pressure on the market.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
