SUI, the native token of the Sui network, fell 9% to $2.10 over the past 24 hours, significantly underperforming the broader crypto market during a sector-wide selloff.
The token’s 4.89% lag behind the crypto market suggests that the move was not just about market weakness, but that it was SUI-specific.
The sale bore the hallmarks of an institutional liquidation. Prices fell from $2.32 to test critical support, with trading volume rising 53% above the 7-day average. The surge in activity points to repositioning of large blocks, not a retail-driven panic.
At the heart of the move was a decisive break at $2.16. SUI broke through this level on volume of 99.13 million tokens – 628% above its 24-hour average – confirming strong bearish pressure. That collapse was followed by a sharp rally from $2.04, forming a V-shaped bounce as institutions appeared to scoop up the token at lower levels.
Still, the rebound lost steam near $2.13, a psychological resistance zone. Volume fell to the close, suggesting buyers lacked conviction to push SUI meaningfully higher in the near term.
Elsewhere, the CoinDesk 5 Index ( CD5 ) saw a 3.35% drop to $1,860.70, including a flash crash to $1,826.66 before rebounding. The move also showed signs of institutional selling, overwhelming technical support in a session of high volatility.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
