SUI has declined 3.4% over the past 24 hours, falling from $2.62 to $2.53, with the breakdown exacerbated by sharp volume spikes of late, indicating potential institutional selling.
CoinDesk Analytics found that the decline broke the $2.60 support level, a key range traders were watching throughout the session.
The breakdown began when volume surged to more than 25.4 million, more than 180% of the 24-hour average. Price action quickly turned bearish in the evening, as a second wave of selling intensified.
The sharp rejection at $2.577 was followed by a massive drop to $2.527 within a few minutes as almost 2.7 million tokens changed hands in a single minute, likely triggered by algorithmic selling programs and stop-loss orders.
The chart showed a clear pattern of lower highs and lower lows throughout the day. Several attempts to regain positions above $2.60 failed, with resistance held at $2.66. Sellers continued to move forward, repeatedly strengthening the upper range.
No major news or fundamental catalyst emerged to trigger the move, suggesting that the price discovery was caused by a technical failure. The volume profile and timing of the selloff point to orderly selling and not retail panic.
Traders are now eyeing support near the $2.50 area, while resistance is clearly defined at $2.577 and $2.66.
Pressure was visible in the broader market as well. The CoinDesk CD5 Index fell 1.67% to $1,978.58, dropping below the psychologically important $2,000 level, although earlier gains had briefly taken it near $2,040.