SUI Struggles to Maintain Support Above $2 as Bulls Begin to Exit the Market

SUI, the native token of the Layer-1 Move-programmed Sui blockchain, is facing heightened selloff pressure. The recent drop has pushed SUI's price to $1.92

SUI, the native token of the Layer-1 Move-scripted Sui blockchain, encountered selling pressure on Friday, dropping below the key $2 support level. The selloff began after a period of strong bullish momentum, which saw SUI rise by over 200% from its September lows.

The recent drop has pushed SUI’s price down to $1.92, marking a 5% decline in the past 24 hours. As bullish sentiment fades, SUI now faces challenges in maintaining support above the $2 level.

Chainlink (LINK) price dropped sharply on Friday, as prices fell below a key support level. The token now risks falling to lower levels, as bears continue to circle following a strong period of gains.

The selloff began after a period of relative calm, which saw LINK trade within a narrow range for the past few days. However, bears finally gained the upper hand, and drove prices below the $8.00 level.

At the time of writing, LINK is trading down 3.50% at $7.96. The token has now lost nearly 10% from the recent highs, which saw LINK climb to a high of $8.78 on Thursday.

The selling pressure comes as traders assess the possibility of a pullback following the recent strong gains. LINK had rallied by over 250% since bottoming out at $2.28 in September.

However, the token now faces resistance at the 200-day moving average, which is currently located around $8.25. A failure to break above this level could lead to further declines in the short term.

On the downside, support is expected at the 50-day moving average, which is currently around $7.25. A break below this level could open the door for a sell-off toward the 200-day moving average.