SUI Token Slides 6.85% Amid $32K Liquidations and High Trading Volume, Eyes $1.75 Breakout

SUIUSDT experienced a notable price decline of 6.85% over the past 24 hours, currently trading at 1.4743 on Binance with a 24-hour open of 1.5827. The price drop is attributed to a combination of factors, including the liquidation of over $32,000 in long positions around $1.58 due to leveraged trading activity, a failed breakout above the $1.75 resistance, and broader market sentiment favoring Bitcoin, which has led to outflows from many altcoins. Despite recent bullish technical signals and ecosystem developments such as increased bridged inflows, integration of Wrapped Bitcoin, and new institutional investment products, the immediate price pressure has been driven by technical retracement and heightened trading volume, with 24-hour volume reported between $566 million and $790 million. SUI’s market capitalization is approximately $5.87 billion, and analysts are watching for a sustained move above $1.75 to signal a potential reversal in trend.