SUI Drops 9% to $0.8, As Crypto Market Collapses. Is $0.5 Next?
The $SUI token underpinning the SUI network is bearing the brunt of a market-wide downturn that has shaved 6.4% off the crypto market in the last 24 hours. Crypto now stands with a market cap of $2.18 trillion.
In the last 24 hours, Sui Network’s $SUI tumbled 9.3% and currently trades at $0.8327. These overnight losses are heavier than market leader Bitcoin’s ($BTC). The world’s favourite cryptocurrency fell 5.3% overnight and currently trades at $59,449.
Ethereum ($ETH), the token underpinning the most commercially important blockchain, dropped 7.5% in the last 24 hours to land on $2,480.
Like Solana and Ethereum, Sui Network is deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services ranging from financial services to gaming.
However, Sui’s USP is that it processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process multiple transactions simultaneously.
Despite its promise, according to recent performance on the price chart, Sui Network’s support level has been falling steadily throughout the year-to-date and was dragged down significantly by the crypto crash on August 5th.
Two recent rallies brought the token briefly above the psychologically important $1 resistance level, but heavy recent losses have sent it down over the last 48 hours.
A rising relative strength index (RSI) of 42 indicates the asset is moving again and is likely to stabilize, but offers no real assurance against the prospect of $SUI falling back down to $0.50.
As an established layer 1 coin, the
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