SUI, the native token of the Sui layer 1 blockchain, fell 2.5% to $1.98 on Thursday, falling below the $2.00 level that had acted as key psychological and technical support.
The move came amid heightened volatility and a notable increase in trading volume, pointing to growing institutional activity near critical price levels.
The token price fell from an intraday high of $2.03, forming a series of lower highs in a range of $0.15. Trading volume surged to 31.18 million tokens, about 180% higher than the daily average, during a failed bounce attempt at the $1.96 mark. That bounce coincided with strong resistance at $2.05, which was tested and rejected several times.
This activity, especially during the midday sell-off, suggests that larger players may have been actively repositioning themselves during the weakness. Institutional volume can often intensify moves near support or resistance, as appears to be the case in this case.
Still, short-term data showed signs of a possible turnaround. A double bottom pattern formed near $1.952 on the 60-minute chart, followed by a rally to $1.978. A break above $1,970 triggered another increase in volume (641,000 tokens), indicating renewed buyer interest towards the close.
The $1.93 to $1.96 zone now serves as short-term support, while $2.05 remains the next bullish target. If buyers can maintain the momentum above $1,970, SUI could try to retest that level. However, a break below $1.93 could accelerate losses and lead to a deeper correction. For now, the chart suggests short-term consolidation, with bulls and bears fighting for control near a critical technical threshold.
