SUI Token Plunges 9% Amid Institutional Selloff and Market Volatility

SUI, the native cryptocurrency of the Sui blockchain network, saw its price tumble 9% to $2.10 in the past 24 hours, significantly underperforming the broader crypto market during a widespread selloff. The sharp decline, which left SUI trailing the market by 4.89%, indicates that the drop was likely driven by token-specific factors rather than general market weakness.

Market data shows clear signs of institutional liquidation rather than retail panic. SUI’s price fell from $2.32 to test key support levels, with trading volume spiking 53% above its 7-day average. Analysts noted that the 628% surge in volume — reaching 99.13 million tokens — confirmed aggressive selling pressure, typical of large institutional repositioning. The decisive break below $2.16 marked the beginning of the downturn, but the token later rebounded sharply from $2.04, forming a brief V-shaped recovery as some institutional players appeared to buy at discounted levels.

However, the recovery was short-lived. SUI struggled to maintain momentum above $2.13, a crucial psychological resistance zone. The declining volume toward the session’s close indicated weak buyer conviction, raising concerns about sustained bullish momentum in the short term.

Across the broader market, the CoinDesk 5 Index (CD5) — which tracks the top digital assets — also declined by 3.35% to $1,860.70, briefly plunging to $1,826.66 before rebounding. This move mirrored SUI’s pattern, suggesting that institutional traders were behind the broader wave of liquidations during a high-volatility session.

The current trend reflects growing investor caution as large holders adjust their positions amid uncertainty, potentially signaling further turbulence ahead for both SUI and the wider cryptocurrency market.