Sui (SUI) Drops 4% Amid Heavy Selling and Failed $3.98 Breakout

Sui (SUI) experienced a significant price drop of 4% over the past 24 hours, with the token sliding to $3.69 after failing to break through the $3.98 resistance level. The price fluctuated within a $0.28 range, reaching intraday highs of $3.98 and lows of $3.69, according to CoinDesk Analytics data. Despite initial strength that pushed the token to $3.98 supported by institutional volume of over 18 million units, selling pressure intensified at the key resistance level, triggering a sharp reversal[1].

Market dynamics showed a dramatic shift in trading volume, with 35.3 million units exchanged as institutional buyers attempted to defend a support range between $3.71 and $3.72. The session closed at $3.69, down 5% from the opening level, indicating continued bearish sentiment among corporate investors, even as support mechanisms remained intact[1].

The derivatives market reflected growing bearish momentum, as open interest declined 15% to $1.79 billion. Funding rates — a critical factor in leveraged trading strategies — also dropped sharply to 0.0083%, down from their peak of 0.075% in July. This decline signaled a reduced incentive for traders to hold leveraged long positions, effectively curbing bullish momentum in the market[1].

SUI is currently underperforming the broader cryptocurrency market. The CoinDesk 20 Index, a broad measure of crypto performance, has remained flat over the past 24 hours, contrasting with SUI’s 4% decline[1]. While the token has still managed to rise about 9% over the past month, the recent rally has drawn profit-taking activity, which has contributed to the downward pressure on the price.

Positive developments for SUI in recent weeks, including Swiss institutions Sygnum and Amina Bank expanding their offerings to include custody, trading, and lending services for the token, have failed to provide the necessary support for a sustained breakout above $3.98. The continued failure to clear this level has left the token vulnerable to further declines in a volatile market environment[1].

Source: [1] Sui Price Falls 4% as Heavy Selling Pressure and Long Liquidations Hit Market (https://www.coindesk.com/markets/2025/08/11/sui-price-falls-4-as-heavy-selling-pressure-and-long-liquidations-hit-market)