- SUI fell 6% to $4.04 after a volume-driven spike, breaking below key support with resistance now forming around $4.20.
- Market-wide weakness and a stronger U.S. dollar contributed to the slide, even as the CoinDesk 20 Index dropped 1.4%.
- Despite the dip, SUI is up 46% this month, fueled by rising TVL and ecosystem growth.
SUI, the native token of the Sui blockchain, fell nearly 6% over the last 24 hours, slipping to $4.04 following a sharp overnight spike to $4.44. Despite a volume surge of over 32 million tokens—well above average—intensified selling pressure dragged the price below key support levels. The token closed the session at $4.11, a 5.25% decline, with technical indicators now pointing to resistance forming around the $4.20–$4.24 range and a possible double-bottom support near $4.08.
Technical Breakdown and Market Pressure
Initially, bulls held firm at $4.32, but momentum shifted toward bears as SUI broke critical support levels. The bearish sentiment was amplified by broader market softness, with the CoinDesk 20 Index (CD20) dropping 1.4%. Adding to the headwinds, the U.S. Dollar Index rose by nearly 1%, historically a negative signal for crypto and other risk assets. This combination of market factors accelerated the token’s downward move, though technicals suggest a potential stabilization zone just below current prices.
SUI Still Outperforming Broader Market
Despite the recent pullback, SUI remains one of the top performers over the past month, climbing 46% compared to a 33% gain in the CD20. This strong performance has been underpinned by rising attention to the Sui blockchain ecosystem. DeFiLlama data shows that the total value locked (TVL) on Sui surpassed $2 billion earlier this month, a key milestone that suggests growing user and developer engagement with the network.
