SUI, the native token of the Sui network, plunged 9% to $2.10 over the past 24 hours, sharply underperforming the broader crypto market during a sector-wide selloff.

The token's 4.89% lag behind the crypto market suggests the move wasn’t just about market weakness but that it was SUI-specific.

The selloff carried the hallmarks of institutional liquidation. Prices dropped from $2.32 to test critical support, with trading volume surging 53% above the 7-day average. The spike in activity points to large-block repositioning, not a retail-driven panic.

At the core of the move was a decisive breakdown at $2.16. SUI dropped through that level on volume of 99.13 million tokens — 628% above its 24-hour average — confirming strong bearish pressure. That breakdown was followed by a sharp rebound from $2.04, forming a V-shaped bounce as institutions appeared to scoop up the token at lower levels.

Still, the recovery lost steam near $2.13, a psychological resistance zone. Volume declined into the close, suggesting buyers lacked conviction to push SUI meaningfully higher in the short term.

Elsewhere, the CoinDesk 5 Index (CD5) saw a 3.35% drop to $1,860.70, including a flash crash to $1,826.66 before bouncing back. The move also showed signs of institutional selling, overwhelming technical support in a high-volatility session.

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