SUI Token Faces Continued Price Struggles Post-Robinhood Listing
Despite its debut on the popular Robinhood exchange, the SUI token’s price has taken a downward turn. It recorded a significant $5.64 million in long position liquidations just yesterday.
The SUI price dropped by 16% compared to its peak this month and is currently trading at $3.47. The support level of $3.27, reached on August 2nd, seems vulnerable. If this level is breached, SUI might fall further below the $3.00 mark.
investor confidence appears to be waning, too. Futuristic contracts’ open interest has plummeted from $2.66 billion to $1.84 billion, signaling a decline in speculative activities and decreasing market faith.
- A total of $5.64 million worth of long positions were liquidated in the last session.
- The total value locked in Sui decentralized finance decreased by 11% over a week to stand at $3.4 billion.
- Stablecoin supply on the Sui blockchain has fallen by 16%, now at roughly $770 million.
Whilst a potential bullish rebound isn’t ruled out entirely, the future path for the SUI token is highly likely to encounter more bearish sentiment due to the present market trends.
