The price of Sui (SUI) fell 4% in the last 24 hours after experiencing a substantial volatility of the market during the night, according to Coindesk Analytics data.
The price of Token fluctuated $ 0.28, or approximately 7%, between session maximums of $ 3.98 and minimum of $ 3.69. The digital asset initially demonstrated fortress, advancing from $ 3.88 to $ 3.98 with an institutional volume exceeding 18 million units, before finding a significant resistance at the level of $ 3.97 to $ 3.98 where the corporate sales pressure intensified.
The commercial volume then saw a dramatic reversal, characterized by an exceptional commercial volume of 35.3 million units, establishing a critical support threshold about $ 3.71 to $ 3.72 where institutional buyers tried to defend the valuations.
The session concluded at $ 3.69, which represents a 5% decrease in opening levels, which suggests a continuous and bearish feeling among corporate investors despite the established support mechanisms.
The Sui derivative market also saw a wave of long positions relaxed, with an open interest falling 15% to $ 1.79 billion, according to Coinmarketcap. Financing rates, which influence the cost of maintaining leverage long positions, fell to 0.0083%, below its July peak of 0.075%. The decrease in rates reduced the incentive for operators to maintain bullish leverage bets, indicating a cooling in the feeling of the market.
SUI has a lower performance to the broader cryptography market measured by the Coindesk 20 index, which is stable in the last 24 hours.
Despite the last 24 hours, the Token has still increased approximately 5% in the last seven days and 9% in the last month, since several positive developments captured the eyes of investors last week.
SWISS Digital Asset Bank Sygnum expanded its offers to include custody, trade and loan products linked to the block chain for its institutional customers on Friday. Earlier that week, another Swiss institution, Amina Bank, said she had begun to offer commercial and custody services for Sui.
Sui’s one month rally may be inciting some investors to obtain profits, which adds to the sale pressure in the market.
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