The crypto market once again experienced a sell-off this week, leading to a plunge in the price of many crypto assets. The impact of this market downturn is not limited to Bitcoin alone, as it has affected various cryptocurrencies, including Sui (SUI), a Layer 1 smart contract platform. Sui has witnessed a significant decline of 15% in its value over the past seven days, reflecting the broader negative sentiment prevailing in the market.
Sui Dips Below $1 Support Levels
SUI experienced a significant setback this week, breaching its crucial support level at $1. This support had been maintained since early May, providing stability for the token during that period. However, after enduring two weeks of downward-sloping resistance from above, SUI finally succumbed to selling pressure.
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The token’s decline reached a low point of $0.95 on Wednesday, marking an all-time low for SUI since its
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