SUI Token Drops 9% as Institutional Selling Hits Harder Than Broader Crypto Market

Core Insights - SUI, the native token of the Sui network, experienced a 9% decline to $2.10, underperforming the broader crypto market during a sector-wide selloff [1] - The token's 4.89% lag behind the crypto market indicates that the decline was specific to SUI rather than a general market weakness [1] Market Activity - The selloff exhibited characteristics of institutional liquidation, with prices dropping from $2.32 and trading volume increasing by 53% above the 7-day average [2] - The surge in trading activity suggests large-block repositioning rather than a retail-driven panic [2] Price Movements - A significant breakdown occurred at the $2.16 level, with SUI dropping through this point on a volume of 99.13 million tokens, which is 628% above its 24-hour average, indicating strong bearish pressure [3] - Following this breakdown, SUI experienced a V-shaped bounce from $2.04 as institutions appeared to buy the token at lower levels [3] Resistance and Recovery - The recovery lost momentum near the psychological resistance zone of $2.13, with declining volume suggesting that buyers lacked the conviction to push SUI higher in the short term [4] - The CoinDesk 5 Index (CD5) also saw a 3.35% drop to $1,860.70, including a flash crash to $1,826.66 before rebounding, indicating signs of institutional selling [4]