SUI Faces Selling Pressure After Hitting New All-Time High (ATH)

Sui Network, represented by its Layer 1 blockchain coin SUI, achieved a new all-time high (ATH) in price during trading sessions yesterday. This milestone marked a significant achievement for the cryptocurrency, sparking notable activity in the market.

The ATH was reached on Monday, January 6, at 11:00 AM New York time, during the day’s trading sessions.

This event took place across all exchanges and decentralized exchanges (DEXs) operating on the Sui Network.

Market participants, including retail and institutional investors, responded quickly by engaging in profit-taking activities, leading to a wave of selling pressure.

The surge in SUI’s price was fueled by positive momentum in the broader cryptocurrency market. Bitcoin reclaimed the $100,000 price level, creating a ripple effect that benefited other major coins like Ethereum, Solana, Binance Coin (BNB), and meme coins like FLOKI, BONK, and PEPE.

The simultaneous rise in Bitcoin and other prominent cryptocurrencies boosted investor confidence, driving increased demand for altcoins, including SUI. However, as SUI reached its ATH, profit-taking ensued, triggering a natural pullback in its price as traders locked in their gains.

SUI’s record-breaking performance highlights its growing prominence in the crypto space, even as it navigates the volatility that comes with significant price milestones. Market watchers now speculate on whether this correction will pave the way for further gains or signal a period of consolidation.