SUI Token Drops Nearly 6% After Brief Spike as Stronger U.S. Dollar Pressures Crypto Market

SUI, the native token of the Sui blockchain, is down nearly 6% over the past 24 hours, retreating to $4.04 after briefly jumping to $4.44 overnight. The move came on the back of a 32.37 million token volume spike, well above daily norms, before selling intensified and dragged prices lower, CoinDesk Analytics data shows.

Bulls initially held the line at $4.32, but bears seized momentum as SUI slipped through key technical levels. The token closed the session at $4.11, a 5.25% drop. CoinDesk Analytics shows resistance now forming between $4.20 and $4.24, while a double-bottom appears to be developing at $4.08 to $4.09.

Broader weakness in crypto markets may have added to the pressure. The CoinDesk 20 Index is down 1.4% over the past day. A nearly 1% rise in the U.S. Dollar Index today — often a headwind for risk assets like cryptocurrencies — coincided with the market-wide decline, including SUI’s slide.

Still, SUI is up 46% in the past month, outperforming the CD20’s 33% gain. That growth tracks rising interest in the Sui ecosystem, which saw total value locked surpass $2 billion earlier this month, according to DeFiLlama.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.