SUI, the native token of the Sui blockchain, is down nearly 6% over the past 24 hours, retreating to $4.04 after briefly jumping to $4.44 overnight. The move came on the back of a 32.37 million token volume spike, well above daily norms, before selling intensified and dragged prices lower, CoinDesk Analytics data shows.
Bulls initially held the line at $4.32, but bears seized momentum as SUI slipped through key technical levels. The token closed the session at $4.11, a 5.25% drop. CoinDesk Analytics shows resistance now forming between $4.20 and $4.24, while a double-bottom appears to be developing at $4.08 to $4.09.
Broader weakness in crypto markets may have added to the pressure. The CoinDesk 20 Index is down 1.4% over the past day. A nearly 1% rise in the U.S. Dollar Index today — often a headwind for risk assets like cryptocurrencies — coincided with the market-wide decline, including SUI’s slide.
Still, SUI is up 46% in the past month, outperforming the CD20’s 33% gain. That growth tracks rising interest in the Sui ecosystem, which saw total value locked surpass $2 billion earlier this month, according to DeFiLlama.
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