SUI price dropped by 4% because of heavy sales pressure and long market avoidance
Sa’s (Sui) The price has dropped 4% over the past 24 hours after experiencing large market volatility overnight, CoinDesk Analytics data shows.
The token price changed by $ 0.28, or approximately 7%, between high sessions of $ 3.98 and lows of $ 3.69. Digital assets first showed strength, advancing from $ 3.88 to $ 3.98 with an institutional volume of more than 18 million units, before finding significant resistance to $ 3.97 to $ 3.98 level at which corporate sale pressure intensifies.
Trade volume then detected a dramatic return -Reflecting, characterized by an exceptional trading volume of 35.3 million units, which established a critical support threshold near $ 3.71 to $ 3.72 in which institution consumers attempted to defend values.
The session ended at $ 3.69, representing a 5% decline from opening levels, suggesting a bearish’s ongoing sentiment to corporate investors despite established support mechanisms.
The SUI derivatives market also saw a wave of long -resting position, with an open interest falling 15% to $ 1.79 billion, according to CoinMarketCap. Funding rates – which influence the cost of handling long positions – dropped to 0.0083%, down from their peak of July 0.075%. Decline in rates reduced incentives for entrepreneurs to maintain bullish leveraged bets, which signed a cooling of the sentiment on the market.
SUI underperform the broader crypto market as measured by CoinDesk 20 Indexwhich has been flat in the past 24 hours.
Despite a rough past 24 hours, the token has been up to 5% still in the past seven days and 9% last month since some positive development caught the investor’s eyes last week.
Swiss Digital Asset Bank Sygnum Expanded its offerings To integrate the care, trading and lending of products tied to the blockchain for institutional clients this Friday. Earlier that week, another Swiss institution, the Amina Bank, said it began to offer both trade and custodial services for SUI.
Sui’s moon rally may motivate some investors to lock the acquisitions, increasing the sale of pressure on the market.
Divinity: The parts of this article were formed with the help from the AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk whole You have a polycy.
