SUI, the native token of the Sui network, plummeted 9% to $2.10 in the last 24 hours, significantly underperforming the broader crypto market during a sector-wide sell-off.
The token’s 4.89% lag behind the cryptocurrency market suggests that the move was not just due to market weakness, but was specific to SUI.
The liquidation had the characteristics of an institutional liquidation. Prices fell from $2.32 to test critical support, and trading volume increased 53% above the 7-day average. The surge in activity points to a repositioning of large blocks, not a retail-driven panic.
The core of the move was a decisive break at $2.16. SUI fell above that level with a volume of 99.13 million tokens (628% above its 24-hour average), confirming strong bearish pressure. That crash was followed by a sharp rally from $2.04, forming a V-shaped bounce as institutions appeared to pick up the token at lower levels.
Still, the recovery lost steam near $2.13, an area of ​​psychological resistance. Volume eased towards the close, suggesting that buyers lacked the conviction to significantly push SUI higher in the near term.
Elsewhere, the CoinDesk 5 Index (CD5) saw a 3.35% drop to $1,860.70, including a flash drop to $1,826.66 before recovering. The stock also showed signs of institutional selling, overwhelming technical support in a high volatility session.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
