- The native SUI token is experiencing a major decline.
- The ongoing downward trend contrasts with the broader ecosystem growth.
- Sui is struggling to break through its price resistance and reclaim its all-time high.
In recent weeks, the crypto market has experienced a surge in downward momentum, leading to widespread uncertainty among assets. While a few have managed to mount modest gains, many others have faced significant price retracements, resulting in notable declines.
Unable to defy the negative trend, SUI, the native token of the growing DeFi protocol Sui, joined the losing game.
SUI Suffers Major Slip
According to CoinMarketCap data on Friday, April 12, SUI’s trading value of $1.49 marks a 3.48% day loss for the native token, continuing its negative slope that began earlier in the week.
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While SUI kicked off the new year with promising bullish signals, the token’s fate took a negative turn following a weeks-long Bitcoin-led market rally when it began to shed the double-digit gains that saw it surge to a new all-time high of $2.18.
At press time, the token’s trading price reflects an approximate 5.52% slip in the last seven days and a significant 45% fall from its year-high peak, positioning SUI as one of the biggest losers of the post-rally downward trend.
Despite the ongoing expansion of the SUI’s ecosystem, such as a growing Total Value Locked, which crossed a $700 milestone, and the integration of an inaugural $FDUSD dollar-pegged stablecoin, it has not experienced any significant price rebound.
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However, SUI’s bearish signals align with the broader trend across the altcoin market.
Altcoins Market HODL
According to market analyst Rekt Capital, the altcoin market capitalization has consistently retested a $315bn level as support over the past weeks.
While this marks the outperformance of market giant Bitcoin (BTC) by the support level witnessed in recent weeks, the stagnancy underscores the lack of significant growth or progress in the altcoin market, evidenced by the inability of most assets to mount or hold healthy gains.
This trend is evident in the performance of major players such as Ethereum (ETH), Binance Coin (BNB), and Solana (SOL). ETH has fluctuated across highs and lows in the last seven days, currently trading at $3,531. This marks a significant 14.4% decrease in its year-high price of $4,039.
BNB, trading at $624 at press time, is rebounding from its week-low price of $573 following a sharp decline of over 8%. SOL, presently valued at $173, has wavered between the $170 to $175 range over the past week, following its decline from its $202 peak, underscoring the stagnant trend across the market.
To find out more about the broader performance of assets in recent weeks, read here:
Top 10 Cryptos Confused by 30% Gainer Amid Mixed Performances
Read more about former SEC chief John Reed Stark’s comments about regulations in crypto:
Ex-SEC Staff Chides “Tired” Crypto Strategy: Is He Wrong?
