SUI declined by 9.1% to $2.29 on Thursday, driven by rising concerns over a $147 million token unlock scheduled for November. The selling pressure intensified as the token fell below the critical support level of $2.41, leading to a spike in liquidations with trading volume surging 160% above the average during early morning trades.
The drop was initiated when trading volume reached 37.5 million. Stop-loss triggers exacerbated the movement, causing the token to plunge from $2.51 to a low of $2.27 before finding some stability. Institutional selling further pushed SUI down, though signs of buyer support emerged near the day’s lows.
Despite the price decline, some segments of SUI’s ecosystem showed resilience. Momentum DEX, a significant decentralized exchange within the network, reported a total trading volume of $26 billion, an 8.3% increase compared to the prior week. Additionally, the SUI Foundation appointed Electronic Arts co-founder Bing Gordon as an adviser to bolster its Web3 gaming efforts.
Nonetheless, the impending supply from the November unlock seems to overshadow these positives, at least in the short term. Traders are closely watching technical levels for direction.
Support is forming in the $2.27–$2.29 range, while resistance has shifted to the previously broken $2.41 level and $2.59 above that. A dip below the current support could potentially open the door to the $2.15–$2.20 range, whereas a recovery above $2.41 might shift momentum back in a positive direction.
Currently, sentiment remains cautious as the market anticipates the upcoming supply.
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