SUI slipped 3.4% in the past 24 hours from $2.62 to $2.53 after a late-day breakdown that accelerated on strong volume surges, signaling likely institutional selling.
The decline broke the $2.60 support level, a key threshold that traders had observed throughout the session, CoinDesk Analytics found.
The outage began when volume exceeded 25.4 million, well over 180% of the 24-hour average. Price action became increasingly bearish in the evening, with a second wave of selling intensifying.
A strong rejection to $2.577 was followed by a sharp decline to $2.527 within minutes, as nearly 2.7 million tokens changed hands in a single minute, likely triggered by algorithmic sell 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 resistance holding at $2.66. Sellers intervened several times, strengthening the upper limit.
No major news or fundamental catalyst appears to have driven this move, suggesting that price discovery was driven by technical breakdowns. The volume profile and timing of the liquidation indicated systematic selling and not retail panic.
Traders are now eyeing support near the $2.50 area, while resistance remains clearly defined at $2.577 and $2.66.
The market as a whole also showed tension. The CoinDesk CD5 Index fell 1.67% to $1,978.58, falling below the psychologically important $2,000 level, despite earlier gains that briefly pushed it near $2,040.
