SUI fell 3.4% in the last 24 hours, falling from $2.62 to $2.53 after a late-day collapse accelerated with strong volume spikes, indicating a likely institutional sell-off.
The drop shattered the $2.60 support level, a key threshold that traders had been watching all session, CoinDesk Analytics found.
The breakdown began when volume surpassed 25.4 million, well above 180% of the 24-hour average. Price action became increasingly bearish overnight, intensifying a second wave of selling.
A sharp rejection at $2,577 was followed by a sharp 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.
The charts showed a clear pattern of lower highs and lower lows throughout the day. Multiple attempts to regain ground above $2.60 failed, and resistance remained firm at $2.66. Sellers intervened repeatedly, reinforcing the upper limit.
No major news or fundamental catalyst appeared to drive the move, suggesting that the price discovery was led by technical glitches. The volume profile and timing of the sell-off pointed to systematic selling, not retail panic.
Traders are now eyeing support near the $2.50 area, while resistance remains clearly defined at $2.577 and $2.66.
The market in general also showed tension. The CoinDesk CD5 Index fell 1.67% to $1,978.58, falling below the psychologically important $2,000 level, despite earlier gains that briefly took it near $2,040.
