🔥MAGMA Token Slides 3% on Sui Network as $2.6M Volume Fails to Hold Price
Whales and traders are steering clear of $MAGMA on the Sui network because broader Sui market volatility has triggered whale liquidations, raising fears of cascading sell pressure.
The token’s 3% slide reflects both reduced confidence and risk aversion among large holders.
Why Whales and Traders Are Avoiding MAGMA
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A major whale position worth nearly $20M in SUI faced liquidation as prices dipped below critical thresholds.
Traders avoid MAGMA because it is tied to the same network sentiment, meaning sudden drops can trigger further losses.
While MAGMA showed $2.64M in trading volume, whales prefer deeper liquidity pools to enter and exit positions without slippage.
- MAGMA dropped 3.21% in 24h, signaling weak short-term sentiment.
- Traders are avoiding MAGMA due to limited liquidity, volatility, and fear of cascading sell-offs.