SUI fell 9.1% to $2.29 on Thursday, under pressure from growing concerns over a $147 million token unlock scheduled for November. The selloff intensified when the token broke below a key support level of $2.41, triggering a wave of selloffs as volume surged 160% above average during early morning trading.
The crash began when trading volume skyrocketed to 37.5 million. Stop-loss triggers accelerated the move, sending the token from $2.51 to as low as $2.27 before stabilizing. Institutional selling pushed SUI further lower, although signs of buyer defense emerged near the day’s lows.
Despite price weakness, parts of the SUI ecosystem showed strength. Momentum DEX, a key decentralized exchange on the network, reported $26 billion in total trading volume, an increase of 8.3% from the previous week. Additionally, the SUI Foundation hired Electronic Arts co-founder Bing Gordon as an advisor, with the goal of strengthening its Web3 gaming push.
Still, the impending supply stemming from the November unlock appears to offset those gains, at least in the short term. Traders have focused their attention on technical levels for guidance.
Support is forming between $2.27 and $2.29, while resistance now lies at the broken level of $2.41 and $2.59 above that level. A move below current support could open the door to the $2.15 to $2.20 range, while a recovery above $2.41 could see momentum return to the upside.
For now, sentiment remains cautious as the market waits for new supply to arrive.
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk’s full AI policy.
