Sui Foundation denies insider selling claims, asserting no employees or partners violated token lockups during the price rally.
SUI price dropped 2%, despite a 104% surge last month, with a key support level at $1.60, signaling possible buyer interest.
Analysts expect possible upward momentum if SUI moves from $1.60, with new highs above $2.20 possible in the coming weeks.
The Sui Foundation has denied any accusations made in the revelations that Sui insiders sold over $400 million worth of SUI tokens. The accusations, first made by popular crypto analyst LightCrypto on the X platform, suggested that wallets connected to the foundation had sold massive amounts of SUI tokens during a significant price rally.
The Sui Foundation swiftly responded, clarifying that no employees or insiders, including Mysten Labs founders or investors, had sold tokens during the alleged period. Moreover, the foundation emphasized that no violations of token lockups or the circulating supply schedule had occurred.
https://twitter.com/SuiNetwork/status/1845890142906863865 Price Movement and Market Trends
Despite the Foundation's efforts to clear the air, SUI's price saw a slight 2% dip, even as the broader crypto market rallied. The native token had surged by 104% over the past month, driven by a strong upward movement in late September. However, recent market conditions have led to a retracement, with the price currently hovering around $2.10.
Analysis shows that the price behavior of SUI indicates a critical support level at $1.5928. This level could serve as a potential area for buyers to step in if a pullback occurs. Furthermore, the price recently surged past a resistance level in mid-October, contributing to its impressive rally from around $1.00.
https://twitter.com/CrypNuevo/status/1846168536466497554
Currently, the moving average shows strong bullish momentum, although recent retracement indicates short-term consolidation may be on the horizon. If the price dips closer to the $1.60 support, a bounce could propel SUI to new highs above $2.20. However, if this level breaks, it may suggest further downward movement before any major recovery.
Outlook for Investors
A possible pullback towards $1.60 might present a purchasing opportunity, after which the rising trend would continue. Even if there is still some uncertainty, the positive momentum suggests that there may be more gains, making SUI a token to keep an eye on in the upcoming weeks.
The post Sui Foundation Denies $400M Insider Selling Allegations Amid Price Rally appeared first on Crypto News Land.
