Whale’s $20M SUI Position Near Liquidation as Price Tumbles

Amid the SUI price crash, a single whale might face a liquidation of $20M, creating a high-stakes situation. The whale has bet on this altcoin’s price trajectory, but the unexpected downtrend brought the crypto whale’s investment to collapse. Let’s discuss the Sui token’s price situation and how it can lead to millions in liquidation.

SUI Price Downtrend Risks $20M Liquidation For Crypto Whale

Sui token’s crash to $4.56 will liquidate $20M for this individual crypto whale, which has 4.1 million SUI, equivalent to $19.2M, and 100,000sSUI, equivalent to $470,000. The Lookonchain data reveal that the whale has deposited nearly $20M worth of assets on the decentralized lending protocol Suilend. In exchange, the whale borrowed  $14.4 million in stablecoins. With this, the crypto whale shows support for the token by betting on its further growth.

However, the current market crash dropped the SUI price by 10% today, threatening the liquidation of a position worth millions for this crypto whale. This becomes an unstoppable event, as the whale needs to return the borrowed stablecoins. Not only liquidation, the Sui’s decline to $4.56 could result in the buildup of a further price crash for the altcoin. Now, it all depends on Sui’s performance in the next few hours.

SUI Price Prediction: Will It Recover or Crash Further?

Sui reached a peak of $5.35 just two days ago amid high open interest and investor’s bullish sentiments. However, the rally was short-lived, and it crashed 15% from the prime, currently trading at $4.59. This drop threatens an individual whale’s million in liquidation. Meanwhile, on the broader picture, the altcoin still shows slight bullish dominance, as the crypto analyst Satoshi’s prediction shows a rising channel. However, the current SUI is closer to the trendline’s upper boundary. The price could decline even further if it faced resistance at this upper boundary.

Regardless, the analyst believes in the ascending trajectory of the Sui token’s price performance. According to him, this ascending channel flawlessly w/ price now pressing against diagonal resistance. A breakout past the $5.50 could lead to further gains.

Bottom Line

After hitting an ATH two days ago, the Sui tokens could face a massive downtrend with the $20M liquidation. As the SUI price struggles to breakout in the 24-hour timeframe, the liquidation will happen with the token attaining the $4.56 mark. However, the impact would not be limited to this altcoin only. The broader crypto market might face selling pressure. However, considering the ascending trajectory, some analysts still expect a bullish outlook.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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.