SUI Drops 17.77% as Outflows Exceed $600M
The Most Important Points at a Glance
SUI recorded outflows of over 600 million USD, indicating a possible price correction. The price dropped by 17.77% in the last 24 hours to 2.43 USD. Technical analysis suggests that SUI could slip to 1 USD if key support levels fail.
Massive Outflows – Is a Drop to 1 USD Imminent?
Over 600 million USD was withdrawn from SUI protocols within a single day. The Total Value Locked (TVL), which measures the total value of assets locked in a blockchain protocol, fell from 1.991 billion USD to 1.381 billion USD.
This development suggests that many investors are selling their SUI holdings – either to take profits or to limit losses. At the same time, the number of daily transactions rose to over 900,000, confirming the selling pressure.
Despite the high selling activity, the number of daily active addresses remained stable at 1.5 million. This indicates that primarily short-term traders are selling, while long-term investors are holding their positions.
Technical Analysis: Key Support Levels in Focus
Chart analysis shows that SUI has broken an important upward trendline. If the downtrend continues, the price could fall by up to 58% to 1.01 USD.
Two support zones are crucial:
– 2.18 USD
– 1.67 USD
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If these levels do not hold, the price could further decline towards 1 USD. Such a drop would erase all gains since September.
Derivatives Market Confirms Bearish Sentiment
Not only in the spot market but also in the derivatives market, a clear selling dominance is evident. The Open Interest (OI), which measures the total capital tied up in futures and options contracts, fell by 13.17% to 523 million USD.
At the same time, over 8.24 million USD in long positions were liquidated, while only 508,000 USD in short positions were closed. This imbalance suggests that selling pressure remains high and the price could continue to fall.
Our Assessment
SUI is under significant selling pressure. The high outflows and bearish market sentiment indicate a possible continuation of the downtrend. If the support levels do not hold, a drop to 1 USD is realistic.
Long-term investors appear to be holding their positions, while short-term traders are selling. Those invested in SUI should closely monitor price developments and implement risk management strategies.
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