#SUI Price downtrend threatens whale positions, but on-chain data shows potential stability signs

January 9, 2025

The price of $SUI has recently retreated, putting pressure on whale positions worth $19.7 million. One $SUI holder injected approximately $19.7 million on the Suilend platform and borrowed stablecoins; the security of this position relies on the price maintaining above $4.56 to avoid liquidation. If the price falls below this threshold, the whale position may face liquidation, leading to market sentiment turmoil and potentially causing further price declines. However, it is also possible that such liquidation events could instead bring about a recovery in market sentiment and even drive prices back up. Recently, the price of $SUI has been quite volatile, having once surged past $5.36, only to quickly drop back to around $4.52. If the price breaks through the upward trend line, it may retract to the $2.84 area.

From on-chain data, the TVL of $SUI has grown to $2 billion, and the number of new accounts has surged by 37%, indicating strong network activity. Despite facing market adjustments, the NFT trading volume of $SUI has still increased by 2.64%, while the number of new coin creations has decreased by 6.7%. These figures suggest that the popularity of the NFT market may provide support for $SUI, further stabilizing or boosting its price.