- SUI price falls as tax tensions spook global markets
- Token plunged 12% over the past 24 hours as Bitcoin retreated below $93,000
- Tax anxieties and a broader risk-off mood threaten to prolong SUI’s downturn
SUI’s price dropped nearly 13% to a low of $1.55 amid a broad market pullback driven by significant capital flight from risky assets.
This sharp correction, amplified by Bitcoin’s retreat from highs near $96,000 down to below $93,000 and a renewed test of Ethereum at $3,200, occurred as more than $680 million in crypto long positions were liquidated across the market.
Several analysts have pointed to escalating geopolitical tensions tied to U.S. tax threats against imports from parts of Europe and Greenland, which have contributed to market uncertainty.
SUI price plunges amid Bitcoin weakness
SUI slipped from $1.70 to a daily low of $1.54, breaking below the 50-day exponential moving average at $1.70. The altcoin has entered oversold territory, with its RSI reading below 40.
Price chart
The bearish environment intensified when Bitcoin revisited support around $92,500, dragging many altcoins lower.
With a higher beta profile, SUI has suffered notable outflows: more than 10 million SUI tokens were moved to exchanges, increasing sell-side pressure.
Technically, failure to reclaim $1.65 raises the risk of a drop to $1.40, as SUI’s supports could give way if BTC continues to deleverage — a development that calls for extra caution from bulls.
Recent network downtime that lasted six hours dented community confidence. Although the protocol has undergone major upgrades, lingering concerns suggest any recovery may be gradual.
Conversely, if Bitcoin stabilizes above $92,000 and reclaims the psychologically important $100,000 zone, a rebound across altcoins could lift SUI toward $2 and potentially higher in the coming days.
SUI slides as tax jitters unsettle global markets
Top altcoins suffered when BTC and ETH pulled back amid reports that former U.S. President Trump threatened a 10% tariff on goods from several European countries.
According to the reports, tariffs could rise to 25% by June and would target imports from Denmark, France, Germany, the Netherlands, Norway, Sweden, the United Kingdom, and Finland.
The measures are presented as a response to the U.S. interest in Greenland, framed around Arctic security and access to critical minerals, and have triggered fears of escalating trade tensions.
European indices such as the DAX and CAC 40 fell more than 2% on Monday, while gold rallied and the U.S. dollar index climbed to around 108 — all factors that put additional pressure on crypto markets.
In response, the European Union prepared countermeasures valued at €93 billion, raising the prospect of a trade conflict with knock-on effects for risk assets.
While inflows into spot Bitcoin ETFs provide some support, miner capitulation linked to weakening profitability could spell further trouble, making the $90,000 zone a critical level — a breach could trigger additional retail selling.
Crypto trader BitGuru suggested the pullback allows SUI to sweep liquidity into a “key demand zone.” How price reacts at that level is important, since such zones often form the base for the next upward leg.
After a strong impulse move, $SUI entered a long consolidation and has now swept liquidity into a key demand zone.$SUI Price reaction here is crucial, as this area often acts as a base for the next expansion leg. pic.twitter.com/gru36LWy96
— BitGuru 🔶 (@bitgu_ru) January 19, 2026