SUI experienced a 3.4% decline in the last 24 hours, falling from $2.62 to $2.53 following a late-day breakdown accompanied by significant volume spikes, indicating probable institutional selling.
This drop breached the $2.60 support level, a critical point traders had been monitoring throughout the trading session, as noted by CoinDesk Analytics.
The downward movement began when volume surged past 25.4 million, exceeding 180% of the average for the past 24 hours. Price action became increasingly bearish as the evening progressed, with a subsequent wave of selling gaining strength.
A sharp rejection at $2.577 was succeeded by a rapid fall to $2.527 within minutes, as approximately 2.7 million tokens exchanged hands in one minute, likely driven by algorithmic sell programs and stop-loss triggers.
Charts indicated a distinct pattern of lower highs and lower lows throughout the day. Multiple attempts to regain levels above $2.60 were unsuccessful, with resistance firmly held at $2.66 as sellers consistently re-entered the market, reinforcing the upper barrier.
No significant news or fundamental drivers appeared to take effect, implying that the price movement was primarily driven by technical breakdowns. The volume profile and timing of the decline suggested systematic selling rather than retail panic.
Traders are now focusing on support around the $2.50 region, while clearly defined resistance exists at $2.577 and $2.66.
The wider market also displayed signs of pressure. The CoinDesk CD5 Index fell 1.67% to $1,978.58, dipping below the psychologically significant $2,000 mark, despite earlier gains that briefly brought it close to $2,040.
