Sui Price Plunges Amid Selling Pressure and Phantom Wallet Exit

Sui's recent price action has been marred by selling pressure, which has reversed the bullish trend that was seen just a week ago.

The altcoin had risen by 45% in under three days to nearly reach the $1 round-number resistance, but this momentum was short-lived as selling pressure took hold over the weekend.

Moreover, Sui's buyers were unable to defend a key support zone at $0.80, which is seen as an important resistance for the bulls to overcome.

The token's price remains above its 50-day moving average of $0.72, and the CMF (Chaikin Money Flow) indicator suggests that buying pressure is still present in the market despite the short-term correction.

However, Phantom wallet has announced plans to end its support for the Sui Network by September 24th, which may have impacted market sentiment.