SUI fell 9.1% to $2.29 on Thursday, under pressure from mounting concerns over a $147 million token unlock scheduled for November. The sell-off intensified when the token broke below a key $2.41 support level, triggering a wave of withdrawals as volume surged 160% above average during early morning trading.
The breakdown began when trading volume peaked at 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 the SUI even lower, though signs of buyer defense appeared near the day’s lows.
Despite the price weakness, parts of the Sui ecosystem showed strength. Momentum Dex, a major decentralized network exchange, reported $26 billion in total trading volume, an increase of 8.3% from the previous week. An addition, the SUI Foundation brought in electronic arts co-founder Bing Gordon as an advisor, aiming to strengthen the push3 gaming push.
However, emerging supply from the November unlock appears to outweigh gains, at least in the short term. Traders turn their attention to technical levels for guidance.
Support forms around $2.27-$2.29, while resistance now sits at the broken $2.41 level and $2.59 above. A move below the current support could open the door to the $2.15-$2.20 range, while a recovery above $2.41 could turn the momentum back to the upside.
For now, sentiment remains cautious as the market waits for fresh supply to hit.
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