Sui Takes Major Hit Amid Ongoing Crypto Market Decline
On August 19, Sui’s price saw a significant drop, falling nearly 4% even after being listed on Robinhood, a top U.S.crypto platform.
The Sui token faced a continuous downward slide for three consecutive days, reaching it’s lowest point since August 7, and is now 21% below its yearly peak.
This unexpected plunge has puzzled many who expected a price boost following the coin’s inclusion on Robinhood, making it accessible to a vast number of U.S.investors. yet, circumstances suggest or else.
- The coin’s decline parallels that of other cryptos amid a broad market crash.
- Data indicates weakening investor interest in sui.
- The ecosystem’s health, notably in decentralized finance, has also deteriorated.
Bitcoin’s price slumped to $113,000, dragging down overall crypto market capitalization. CoinMarketCap reports show Sui’s trading volume down by 10% in just 24 hours. Additionally,staked Sui tokens have fallen significantly over the past month.
Technically, Sui displays a robust downward trend. the eight-hour chart confirms this, with Sui price crashing through critical levels.The Supertrend indicator supports continued bearish pressure. A breach below $3.2845 could drive prices even lower.
The market sentiment for Sui remains uncertain, but the current trends suggest further declines might be on the horizon.
