Key Takeaways
- SUI fell 5% in the last 24 hours, sliding below the $4 mark.
- The broader market is under strong selling pressure, with BTC now trading below $119,000.
Altcoins Suffer Heavy Losses
The cryptocurrency market has opened the week on a pessimistic note, with many major coins and tokens showing losses. Bitcoin, the largest cryptocurrency by market capitalization, dropped more than 2% and fell below $119,000 after reaching $122,000 over the weekend.
Ether has held above $4,200, remaining the strongest major altcoin, while XRP trades around $3.15, down about 3.6% over the past 24 hours.
SUI, the native token of the Sui blockchain, lost about 5% of its value—similar to other top altcoins. It has slipped below $4 and is currently trading at $3.6846. This downward move comes amid broad selling pressure across the market.
Data from CoinMarketCap show open interest (OI) in SUI fell roughly 15% to $1.79 billion. Funding rates, which affect the cost of holding leveraged long positions, also dropped to 0.0083%, a sharp decline from the July peak of 0.075%.
Those figures indicate traders are less inclined to hold leveraged bullish bets, pointing to a cooling market sentiment.
The negative performance follows Sygnum, a Swiss digital-asset bank, announcing on Friday that it had expanded offerings to include custody, trading, and lending products tied to the Sui blockchain.
SUI Could Retest $3.20 Low If Selling Persists
The 4-hour chart for SUI/USD is bearish and showing momentum to the downside, as the token currently underperforms. This momentum suggests SUI collected liquidity above and could continue lower.
An RSI around 43 indicates SUI could move into oversold territory if negative sentiment intensifies. MACD lines are also approaching a bearish crossover amid ongoing selling pressure.
If current market conditions persist, SUI may drop toward the $3.20 support level in the coming hours. That support could hold and allow a short- to medium-term recovery. However, failure to hold $3.20 would likely see SUI test its July low near $2.65.
Should market conditions improve, SUI could reclaim the weekend high near $4.00 before pushing higher toward $4.43.