The SEC’s lawsuit against Binance and Coinbase remains the overarching narrative of the crypto market. With extreme bearish forces at play, Sui prices are down over 14% over the past week and 44% in 30 days.

Sui saw a huge rise of 2,000% when listing in May following its presale, but despite a major upcoming network upgrade, the token is expected to continue to struggle throughout June.

On the other hand, two new crypto presale tokens – Wall Street Memes and Ecoterra – have emerged with bullish momentum in recent weeks as traders look to hedge against the bear market.

Sui Unable To Stave Off Crypto Bears, More Selling Pressure Expected In June

The Sui blockchain, which derives its name from the Japanese word for water, has gained strong traction for its flexible architecture and scalability. The proof-of-stake blockchain boasts faster transaction speeds and low costs. However, the SUI token is going through a tough stretch, with extreme bearishness driving down its price.

Earlier in the week, Sui saw a strong surge as the network announced its latest SIP 6 proposal. The proposal enables liquid staking and allows developers to build features for the same. Liquid staking is one of the most attractive features of any token’s tokenomics.

However, the token finally buckled under the strong bearish pressure created by the SEC suing Binance and Coinbase. Despite the token not being explicitly named in the lawsuit, it plummeted 14% over the last week. The downward movement continues as the token corrected another 5% in the last 24 hours.

With SEC chair Gary Gensler stating multiple times that Bitcoin is the only token he is comfortable calling a commodity, a token like Sui will need to be on red alert. Crypto assets that are proven to be securities often have to deal with suffocating regulations which make them less attractive.

Sui may also face difficulties from the global economy. While the Federal Reserve announced that it will pause any further interest rate hike for now, it did mention that it can see two other hikes this year alone. Such a hawkish stance can result in extreme bearishness for the token.

The token’s analysis highlights that investors may have to face further bumps in June. TradingView gives a Strong Sell signal to Sui in the daily time frame, with the token underperforming with 7 out of 8 important moving averag