SUI Token Plunges 9% on Institutional Sell-Off, Tests $2.04 Support
SUI token plunged 9% to $2.10 overnight after institutional selling drove volume up over 600% and broke below key support at $2.16. The drop follows an earlier decline below $2.60 as high-volume trades triggered algorithmic sell-offs. A sharp V-shaped rebound from $2.04 stalled at $2.13, indicating weak buying conviction. The CoinDesk 5 Index also fell 3.35%, underscoring sector-wide pressure. High volume on the breakdown suggests large-block repositioning by institutions rather than retail panic. Traders should monitor $2.16 resistance and $2.04 support for clues on SUI’s next moves and overall market stability.
Bearish
The breach of multiple support levels on heavy institutional selling and a 600% surge in trading volume indicates sustained downward pressure on SUI. The failed V-shaped rebound at $2.13 highlights weak buyer conviction, raising the risk of further declines toward $2.04. High-volume large-block trades suggest continued repositioning by institutions, which may prolong volatility. Overall, these signals point to a bearish outlook for SUI in the near term, though a hold at $2.04 could spark a short-lived relief rally.