- The native token of the Sui blockchain, SUI, dropped sharply on Tuesday after falling below key support levels.
- SUI’s price fell 9.2%, reaching as low as $2.02 amid increased trading volume and failed recovery attempts.
- The decline followed news of a $116 million exploit affecting the DeFi protocol Balancer, raising security concerns.
- Institutional selling appeared strong, with 42.6 million tokens traded—68% above average—during the price fall.
- SUI faced resistance at $2.08, with technical indicators suggesting further declines unless bulls reclaim $2.07.
The native token of the Sui blockchain, SUI, experienced a significant price drop on Tuesday after breaking through key support levels. The token fell 9.2% to a low of $2.02, with trading volume spiking and attempts to recover failing repeatedly during the session.
This sell-off followed a $116 million hack involving the decentralized finance (DeFi) protocol Balancer, which heightened concerns across the crypto industry. The exploit appeared to contribute to a broad decline in layer-1 blockchain tokens, including SUI, as investors reduced exposure to riskier assets.
According to on-chain data, approximately 42.6 million SUI tokens changed hands during Tuesday’s price decline, a volume 68% higher than the token’s average daily trading levels. Technical analysis indicated that institutional investors were likely liquidating their positions amid the growing uncertainty. The previous support level of $2.08 turned into a resistance point, with several unsuccessful price rebounds reinforcing a bearish trend.
Chart analysis observed classic signs of capitulation— a sudden one-hour price collapse, followed by lower highs and a tight consolidation pattern. SUI traded around $2.02 during U.S. morning hours in lower volume, signaling cautious positioning by traders ahead of a potential major move. If the token fails to hold above $2.014, technical targets point to further declines near $1.98 or even $1.95. Conversely, bulls must reclaim the $2.07 level decisively to regain upward momentum.
On the same day, the CoinDesk 5 Index, comprising the largest cryptocurrencies, dropped 1.15%, with all its components recording losses.
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