SUI Crashes 20%—$4 Rally Evaporates Overnight
Just when traders thought SUI had momentum, the rug got yanked. A 20% nosedive wipes out yesterday’s $4 surge—classic crypto volatility at work.
Was it profit-taking, macro fears, or just the market’s endless appetite for pain? Either way, another ’to the moon’ narrative gets grounded by reality.
Funny how these pullbacks always hit right after the leverage longs pile in. Almost like someone’s playing a game... and it’s not retail.
SUI’s price movement| Source: crypto.news
Trading at $3.32 at press time, SUI’s price is a slight recovery from its low point of $3.07 in the ongoing corrective phase. The token’s value marks a steep 19.8% drop from its monthly high of $4.14 and an approximate 37% from its all-time high of $5.30.
The downturn may be partly attributed to dampened sentiment across the ecosystem following the May Cetus exploit, which resulted in a loss of $260 million. The post-mortem jitters also triggered a decline in the total value locked (TVL) on the SUI network from $2.13 billion to the present $1.75 billion, according to DefiLlama data.
Despite the pullback, Optimism for SUI remains. This is fueled by continuous signs of growth across the broader ecosystem, as well as growing bullish whispers of a spot ETF spurred by recent filings from investment firms like 21Shares.
SUI’s recent dip mirrors a broader cooling across the crypto market, although BTC and major altcoins such as ETH and SOL have demonstrated stronger resistance amid the ongoing volatility. Memecoins including POPCAT and WIF defied the larger trend with more impressive gains, posting 14% and 16% respectively.
