SUI Token Dips 6% Amid Market-Wide Crypto Correction

SUI, the native token of the sui blockchain, dropped nearly 6% to $4.04 following a brief rally to $4.44. Trading volume spiked to 32.37 million tokens before sell pressure mounted, wiping out gains. While bulls initially held support at $4.32, bears ultimately broke through key levels, closing the token at $4.11.

Technical analysis now indicates resistance forming between $4.20-$4.24, with potential double-bottom support developing at $4.08-$4.09. The pullback aligns with broader market weakness, including a 1.4% decline in the CoinDesk 20 Index and a 1% rise in the U.S. Dollar Index - typically negative for risk assets.

Despite the retreat, SUI maintains its status as a top performer with 46% monthly gains, significantly outperforming the broader crypto market. The Sui ecosystem continues demonstrating strong fundamentals, having recently surpassed $2 billion in total value locked.