SUI Token Slides 2% Amid Bearish Sentiment Despite Strong Partnerships and $841M Trading Volume

SUIUSDT declined by approximately 2.01% over the past 24 hours, with the price moving from a 24h open of 2.7831 to 2.7272 on Binance. This price decrease is primarily attributed to ongoing short-term bearish sentiment in the market, as reflected by recent technical indicators and forecasts suggesting further downside risk. The decline follows a broader monthly downtrend and recent volatility, with SUI facing mixed technical signals and resistance at higher levels. Despite continued growth in total value locked and ecosystem partnerships, such as the recent Momentum DEX collaboration with Wormhole and OKX Wallet, near-term trading remains cautious amid profit-taking and uncertainty after significant rallies earlier in June.

Currently, SUI is trading at 2.7272 with a 24-hour trading volume exceeding $841 million and a market capitalization of around $1.61 billion. The asset remains actively traded, but the prevailing sentiment is cautious, with key support levels near $2.72 and resistance around $2.87.