SUI Slides Nearly 6% as Dollar Strength Weighs on Crypto Sentiment
SUI, the native token of the Sui blockchain, dropped close to 6% over the past 24 hours, slipping to $4.04 after briefly rallying to $4.44 overnight. The reversal came amid a broader crypto market pullback, fueled in part by renewed strength in the U.S. dollar.
A sharp uptick in trading volume — reaching 32.37 million tokens — initially pushed SUI higher, but momentum faded quickly as sellers stepped in. The token ultimately ended the session at $4.11, down 5.25%, with technical resistance now forming between $4.20 and $4.24, according to CoinDesk Analytics. Support appears to be developing in the $4.08–$4.09 zone, where a double-bottom pattern may be emerging.
Market-wide risk-off sentiment also contributed to the decline. The CoinDesk 20 Index fell 1.4%, while the U.S. Dollar Index rose nearly 1% — a move that traditionally pressures crypto and other risk assets.
Despite the short-term weakness, SUI remains a top performer in recent weeks. It has gained 46% over the past month, outpacing the CoinDesk 20 Index’s 33% increase. The rally has been supported by growing interest in the Sui network, which saw its total value locked (TVL) climb above $2 billion earlier in July, according to DeFiLlama.
