Sui Price Drops 4% Amid Significant Selling Pressure and Long Liquidations
Sui’s price decreased by 4% in the last 24 hours, with significant market fluctuations noted. Key points include:
- Price fluctuated between $3.98 and $3.69, a total variation of approximately 7%.
- Initial strength was seen as the price rose from $3.88 to $3.98, supported by institutional volume exceeding 18 million units.
- Resistance emerged at $3.97 to $3.98 due to intensified corporate selling pressure.
- Trading volume reversed dramatically, reaching 35.3 million units, establishing support near $3.71 to $3.72.
- The session ended at $3.69, reflecting a 5% decline from opening levels amid bearish sentiment among corporate investors.
- In the derivatives market, open interest fell 15% to $1.79 billion, with funding rates dropping to 0.0083% from a July peak of 0.075%. This indicates reduced bullish leverage incentives.
- SUI underperformed against the broader crypto market, which remained flat according to the CoinDesk 20 Index.
- Despite recent declines, SUI is up 5% over the past week and 9% over the past month, following several positive developments.
- Sygnum Bank expanded offerings for institutional clients to include SUI custody, trading, and lending products. Amina Bank also began offering similar services.
- Investor profit-taking may be contributing to current selling pressure.