SUI Breaks $2.60 Support as Volume Surges 180%
SUI fell 3.4% over the past 24 hours, slipping from $2.62 to $2.53 after breaking below the crucial $2.60 support level amid a sharp spike in trading activity.
According to CoinDesk Analytics, volume surged past 25.4 million tokens — roughly 180% higher than the 24-hour average — as nearly 2.7 million SUI were traded within a single minute. Analysts said the move appeared to be driven by algorithmic or institutional selling triggered by stop-loss liquidations.
The breakdown followed repeated failed attempts to reclaim $2.60, with resistance holding firm at $2.66. A swift rejection near $2.577 preceded a rapid drop to $2.527, confirming bearish momentum into the evening session.
No major news or catalyst appeared to cause the move, suggesting a technically led selloff rather than a shift in fundamentals. Market data pointed to systematic selling pressure rather than retail panic.
Traders are now watching for potential support around $2.50, while resistance remains defined near $2.577 and $2.66.
The broader crypto market also weakened, with the CoinDesk CD5 Index dropping 1.67% to $1,978.58, falling back below the key $2,000 level after briefly touching $2,040 earlier in the day.
