Sui has slipped 3.4% in the past 24 hours, dropping from $2.62 to $2.53 after a late-day rout fueled by sharp volume spikes, signaling likely institutional selling.
The drop broke loose at the $2.60 support level, a key threshold traders were watching throughout the session, Coindesk Analytics found.
The breakdown kicked in when the volume passed 25.4 million, which is more than 180% of the 24-hour average. Price action intensified overnight, with a second wave of selling intensifying.
A sharp decline to $2.577 was followed by a steep fall to $2.527 within minutes, as nearly 2.7 million tokens changed hands in a single minute, likely triggered by algorithmic selling programs and stop-loss orders.
The charts showed a clear pattern of lower highs and lower lows throughout the day. Multiple attempts to regain ground above $2.60 failed, with firm holding resistance at $2.66. Sellers repeatedly entered, strengthening the upper limit.
No major news or major catalyst emerged to drive the move, suggesting that price discovery was led by technical breakdowns. The profile of volume and timing of selling is directed to systematic selling, not panic panic.
Traders are now looking at support near the $2.50 zone, while resistance remains clearly defined at $2.577 and $2.66.
The broader market also showed weakness. The Coindesk CD5 Index fell 1.67% to $1,978.58, falling below the psychological level of $2,000, despite earlier gains that briefly pushed it near $2,040.
