- SUI has experienced a slip below its newly reclaimed $2 peg.
- The DeFi protocol’s TVL has significantly increased over the past months.
- The broader crypto market is experiencing a downward trend.
The crypto market has been on a rollercoaster in recent weeks, evidenced by the dramatic highs and severe lows witnessed across many assets. From market giants, including Bitcoin (BTC) to Ethereum (ETH) to meme coins, several tokens have recorded significant upticks in price and equivalent losses.
Similarly, SUI, the native token of the Layer-1 blockchain and smart contract platform dedicated to digital asset ownership Sui, has experienced an upward tick, recently reclaiming its $2 peg in a new year-high milestone. However, unable to sustain the trajectory, SUI’s two-dollar festivities were short-lived, as the token quickly relinquished its gains, slipping below the peg.
SUI Slips 10%: April Fools or Trend Reversal?
According to SUI’s price chart on Tuesday, April 2, the native token commenced trading on a somber tone, recording a decline of approximately 11.1% within the last 24 hours.
Currently trading at $1.74, the native token of the Sui DeFi protocol has experienced a staggering 20% decline from its all-time high trading price of $2.17, which it recorded during its recently concluded seven-day rally.
Despite the recent downtick signaling a potential negative shift from its upward momentum, the native token has experienced a healthy 8% uptick in gains over the past month. SUI’s trading price at press time also represents an approximate 127% increase from its year-start trading range of $0.77 to $0.80, prompting a range of contrasting sentiments regarding the token’s potential price performance going further.
SUI’s decline in price is not isolated, as it aligns with the broader downward trend across the industry.
Bitcoin Leads Crypto Market’s Dive into Sea of Red
In the early hours of Tuesday, Bitcoin suffered a sharp 5% decline from its day-high price of $69,838, falling to its current trading price of $66,090.
The sharp downturn resulted in over $165 million worth of liquidations, according to Coinglass, which occurred within a short 4-hour period, most of which was attributed to Bitcoin.
Following suit, Ethereum (ETH) also suffered a decline, falling from $3,568 to $3,317. This represents a staggering 7.04% decrease, bringing the token’s total loss from its year-high trading price of $4,066 to 22.59%.
Other assets such as Solana (SOL), Cardano (ADA), and CurveDAO (CRV) suffered crashes in the 6% to 7% range, currently trading at $182.43,$0.587, and $0.6099, respectively.
On the Flipside
- SUI’s newly recorded all-time high record of $2.17 only sits at 0.5% above its previous $2.16, highlighting the token’s year-long struggle to hit new price heights.
- The total value locked on Sui has recently recorded a new milestone, surging over $700 million.
- Bitcoin is down approximately 9.7% from its all-time high of $73,738.
Why This Matters
SUI’s sharp decline underscores its vulnerability to negative market trends, placing the token in the ranks of the top losers relinquishing their gains. Despite its robust performance since the start of the year, continuing on this trajectory could trigger a severe price reversal, potentially sending the token back into its previous lows.
Read here to discover more about SUI’s price performance this year:
SUI Surges 28% in 7 Days Despite Slowing TVL Growth
BlackRock charts Bitcoin accumulation streak as it eyes top spot in AUM. Read more
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