Sui’s (SUI) price plunged 4% over the past 24 hours after experiencing substantial market volatility overnight, CoinDesk Analytics data shows.
The token’s price fluctuated $0.28, or approximately 7%, between session highs of $3.98 and lows of $3.69. The digital asset initially demonstrated strength, advancing from $3.88 to $3.98 with institutional volume exceeding 18 million units, before encountering significant resistance at the $3.97 to $3.98 level where corporate selling pressure intensified.
Trading volume then saw a dramatic reversal, characterized by exceptional trading volume of 35.3 million units, establishing a critical support threshold near $3.71 to $3.72 where institutional buyers attempted to defend valuations.
The session concluded at $3.69, representing a 5% decline from opening levels, suggesting continued bearish sentiment among corporate investors despite established support mechanisms.
SUI’s derivatives market also saw a wave of long positions unwind, with open interest falling 15% to $1.79 billion, according to CoinMarketCap. Funding rates — which influence the cost of holding leveraged long positions — dropped to 0.0083%, down sharply from their July peak of 0.075%. The decline in rates reduced the incentive for traders to maintain bullish leveraged bets, signaling a cooling in market sentiment.
SUI is underperforming the broader crypto market as measured by the CoinDesk 20 Index, which is flat over the past 24 hours.
Despite a rough past 24 hours, the token is still up about 5% over the past seven days and 9% over the past month as several positive developments caught investor’s eyes last week.
Swiss digital asset bank Sygnum expanded its offerings to include custody, trading and lending products tied to the blockchain for its institutional clients on Friday. Earlier that week, another Swiss institution, Amina Bank, said it had started offering both trading and custodial services for SUI.
SUI’s month-long rally may be prompting some investors to lock in gains, adding to selling pressure in the market.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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