SUI Declines 6% Following Brief Rally as Stronger Dollar Pressures Crypto Markets
The SUI token, native to the Sui blockchain, fell nearly 6% over the past 24 hours, retracing gains from an earlier rally as broader market weakness and a strengthening U.S. dollar weighed on sentiment. The token dropped to $4.04 after touching an overnight high of $4.44.
A surge in volume — reaching 32.37 million tokens, well above average — initially fueled upward momentum. However, bullish support at $4.32 gave way to increased selling pressure, driving SUI below key technical levels. It closed the session at $4.11, marking a 5.25% daily decline. CoinDesk Analytics data highlights resistance between $4.20 and $4.24, while a double-bottom support may be forming near $4.08–$4.09.
The downturn coincided with a broader sell-off in digital assets. The CoinDesk 20 Index dropped 1.4%, while the U.S. Dollar Index climbed nearly 1% — a dynamic that often signals headwinds for risk assets like cryptocurrencies.
Despite the pullback, SUI remains one of the month’s top-performing tokens. It has gained 46% over the past 30 days, outpacing the CoinDesk 20’s 33% rise. Much of this strength is linked to growing momentum in the Sui ecosystem, where total value locked (TVL) surpassed $2 billion earlier this month, according to DeFiLlama.
