SUI Token Drops 9% as Institutional Selling Hits Harder Than Broader Crypto Market
CoinDesk
SUI token fell 9% during a market selloff, significantly underperforming due to apparent institutional selling pressure.Summary
The SUI token, native to the Sui network, plunged 9% to $2.10 over 24 hours, severely lagging the broader crypto market's 4.89% drop, suggesting SUI-specific selling. This selloff exhibited characteristics of institutional liquidation, marked by a massive 628% surge in trading volume as SUI broke critical support at $2.16. Following the drop, a sharp V-shaped bounce occurred from $2.04 as large entities seemingly bought the dip, but recovery stalled near the $2.13 resistance zone with declining volume, indicating a lack of buyer conviction. For context, the CoinDesk 5 Index (CD5) also dropped 3.35% amid high volatility and signs of institutional selling.
(Source：CoinDesk)