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SUI Token Drops 4% Amid Institutional Selling and Long Liquidations
SUI Token Drops 4% Amid Institutional Selling and Long Liquidations
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[TRADE_PLUGIN]SUIUSDT,SUIUSDT[/TRADE_PLUGIN]
SUI News -
Sui (SUI) experienced a 4% decline over the past 24 hours due to institutional selling and derivatives unwinding. The token fluctuated between $3.98 and $3.69, with corporate accounts aggressively selling NEAR the $3.98 resistance level.
Initial institutional purchases of 18M units failed to maintain upward momentum. A subsequent surge in volume to 35.3M units briefly established support at $3.71 before bearish pressure drove the price down to $3.69 at market close—a 5% daily drop.
Derivatives markets reflected the bearish sentiment, with open interest plummeting 15% to $1.79B. Funding rates also collapsed from July's 0.075% to 0.0083%, reducing incentives for Leveraged long positions.
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