SUI Token Falls 6% After Brief Rise Amid Broader Crypto Decline
SUI, the native token of the Sui blockchain, has dropped nearly 6% in the last 24 hours, currently priced at $4.04 after reaching $4.44 overnight. Key points include:
- Trading volume spiked to 32.37 million tokens, exceeding daily averages.
- Bulls defended the $4.32 level initially, but bears gained momentum as SUI fell below key technical levels.
- The token closed at $4.11, reflecting a 5.25% decline.
- Current resistance is noted between $4.20 and $4.24, with potential support forming around $4.08 to $4.09.
- Overall weakness in crypto markets contributed to the downturn; the CoinDesk 20 Index decreased by 1.4%.
- A near 1% rise in the U.S. Dollar Index may have pressured risk assets like cryptocurrencies.
- Despite recent drops, SUI has risen 46% over the past month, outperforming the CD20’s 33% gain.
- Interest in the Sui ecosystem is increasing, with total value locked surpassing $2 billion earlier this month.