SUI Plummets 5%, Eyes $0.70 Support Level

Edgen Crypto

·Feb 24 2026, 17:43

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Key Takeaways

The SUI token's price has fallen 5% in 24 hours, driven by bearish derivatives market activity and technical indicators pointing to further downside. This decline makes it one of the worst-performing large-cap cryptocurrencies.

Price Performance: SUI dropped 5% on February 24, extending its seven-day losses to 11% and breaking below a key consolidation range.
Bearish Market Data: A rise in long liquidations and a sharp drop in the funding rate signal that derivatives traders are betting on continued price declines.
Technical Outlook: Analysts are targeting the $0.70 support level for SUI, a move that would represent further correction despite the recent launch of a Grayscale ETF for the token.

SUI Slides 5% as Derivatives Data Signals Bearish Turn

On February 24, 2026, the SUI token experienced a significant 5% price decline over 24 hours, positioning it as the third-worst performer among the top 30 cryptocurrencies by market capitalization. This move extends a recent downside breakout from a consolidation range, with SUI's price having fallen 11% over the last seven days. The current bearish sentiment is strongly supported by derivatives market data, which shows an increase in long position liquidations and a sharp drop in the token's funding rate, indicating traders are anticipating further price weakness.

Technicals Show $0.70 Target Despite Grayscale ETF Launch

The technical outlook for SUI suggests a steeper correction may be imminent. Following the breakout, market analysts are now watching the $0.70 price level as the next major support target. This negative price action contrasts sharply with recent positive ecosystem developments, notably the launch of the Grayscale Sui Staking Exchange-Traded Fund (ETF) just last week. The fund was designed to give investors exposure to SUI, but its introduction has failed to provide upward momentum for the token's price.