Sui price, a Layer 1 blockchain token, surged to a record high of $5.36 on January 6, 2025. However, the price has since faced a significant correction, aligning with Bitcoin’s dip below $96K in a broader bearish market trend. A whale’s $20 million long position on SUI is now nearing liquidation. Investors are questioning whether Sui can recover above $5 after this week’s volatility and market sell-off.
Is Sui Price Set to Cross $5 After Its ATH Milestone?
SUI price recently reached a record high of $5.35 on January 6, 2025, before falling by 14.04%. At the time of writing, SUI price is trading at $4.56, reflecting an 8% decrease in the past 24 hours. The token has shown strength by breaking through the $4.80 barrier, setting a firm support level that could drive further momentum.
If SUI breaks past the $5 resistance, it may open the door to testing $5.35 again and possibly climbing toward $6. However, ongoing bearish activity could lead the price to retest the $4.50 support or even dip to $4 if market pressures persist.
The crypto market correction impacting SUI comes alongside Bitcoin’s decline below $96,000, creating a cautious environment. The next steps for SUI will depend on its ability to sustain upward movement and overcome key resistance levels.
A $20M SUI Position Risks Liquidation
A prominent SUI whale faces the risk of liquidation as market conditions intensify. This investor reportedly deposited 4.1 million $SUI, valued at $19.3 million, along with 100,000 $sSUI, worth $470,000, into the decentralized platform Suilend. Subsequently, the whale borrowed $14.4 million in stablecoins.
According to market data, the liquidation threshold for this position is set at a price drop to $4.56 per $SUI. If the price hits this level, the whale’s $20 million long position may be liquidated.
A whale’s ~$20M long position on $SUI is on the verge of liquidation!
This whale deposited 4.1M $SUI($19.3M) and 100K $sSUI($470K) into #Suilend and borrowed $14.4M in stablecoins.
If the price of $SUI drops to $4.56, the position will be liquidated.https://t.co/nR510DfO9a pic.twitter.com/Z66m5PUMa6
— Lookonchain (@lookonchain) January 8, 2025
SUI Price Network’s growth continues
Sui price surges as the DeFi ecosystem of Sui Network sets a new Total Value Locked (TVL) record at $1.85 billion. This milestone highlights rising demand and utilization across various decentralized applications (dApps). Key partnerships with financial giants, including VanEck, Grayscale, and Franklin Templeton, have bolstered the network’s liquidity and token utility.
These collaborations are pivotal in enhancing the adoption of the layer one token in the broader crypto market. Sui Network’s continued growth cements its position as a significant player in the cryptocurrency and decentralized finance landscape.
SUI’s price trajectory depends on overcoming key resistance at $5 and avoiding further bearish pressure. Strong network fundamentals and strategic partnerships support long-term potential despite current volatility. Market conditions in the coming weeks will determine its ability to sustain recovery.
Frequently Asked Questions (FAQs)
Market sell-offs and Bitcoin’s dip below $96K triggered the correction.
SUI has established support at $4.50, with $4.80 as resistance.
The position risks liquidation if SUI drops to $4.56.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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