SUI, the native token of the Sui Network, has seen a 13% pullback in the past seven days, halting its bullish rally. The cryptocurrency broke from a 1-month structure, fueling a bearish sentiment among market watchers, who foresee further downside for the token.<\/p>\n
SUI has been on a downtrend this week, losing the recently gained levels alongside most of the market. The cryptocurrency saw a 5.3% drop in the last 24 hours, which has worried some investors and crypto analysts.<\/p>\n
The token registered one of the best performances during Q3, leading the market as one of the few altcoins registering green numbers in most timeframes. SUI started the month by recording<\/a> a 15% weekly surge, which fueled its rally toward its new all-time high (ATH).<\/p>\n Additionally, the token jumped 25% from its monthly opening, shooting past the $2 barrier to reach a new ETH of $2.35. However, its bullish rally was overshadowed by insider selling allegations on October 13.<\/p>\n Market expert LightCrypto alleged<\/a> that SUI\u2019s performance would be affected by insiders\u2019 continuous selling, who had unloaded $400 million in SUI tokens.<\/p>\n Following the allegations, the cryptocurrency faced a 15% daily correction but remained above the crucial $2 support level. Since then, the cryptocurrency has moved sideways, hovering between the $2-$2.15 price range until today.<\/p>\n On Tuesday morning, SUI lost the $2 support, plunging 6.5% toward the $1.87 mark before recovering the $1.90 zone. The token\u2019s dip represented a 13% decline from its price seven days ago and an 18.4% drop from its ATH.<\/p>\n Following SUI\u2019s recent price action, some crypto analysts revealed that another pullback seems to be looming. Crypto analyst Altcoin Sherpa weighed<\/a> in on the markets\u2019 current performance, as it slowed down after Bitcoin\u2019s surge to $69,000 on Sunday.<\/p>\nIs A 30% Pullback Looming?<\/h2>\n