SUI Price Dips Amidst Bearish Sentiment and Inflation Worries

The cryptocurrency market has been affected by Jerome Powell's comments on inflation, leading to a risk-off sentiment among investors. This has resulted in a drop in the price of SUI, with the token trading at around $0.92, down from $1.08 just 48 hours ago.

A bear flag pattern is taking shape, indicating a potential breakdown in the market. The RSI momentum indicator has dropped to 50%, signifying a neutral market sentiment. However, the decline of the SUI price suggests that the bearish trend may continue.

According to Coinglass data, over 136,067 traders were force liquidated, resulting in $452.36 million in losses within a 24-hour period. This sharp price drop has triggered cascading liquidation of leveraged long positions.