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 served as key psychological and technical support.
The move came amid increased volatility and a notable increase in trading volume, indicating increasing institutional activity near critical price levels.
The token’s price fell from an intraday high of $2.03, forming a series of lower highs in the $0.15 range. Trading volume jumped to 31.18 million tokens – about 180% higher than the daily average – during a failed rebound attempt to $1.96. This rebound coincided with strong resistance at $2.05, which was tested and rejected several times.
This activity, particularly during the midday selloff, suggests that the larger players may have been actively repositioning during the weakness. Institutional volume can often intensify moves near support or resistance, which appears to be the case here.
However, data over a shorter period 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 surge in volume – 641,000 tokens – indicating renewed buyer interest in the close.
The $1.93 to $1.96 area now serves as near-term support, while $2.05 remains the next upside target. If buyers manage to maintain momentum above $1.970, SUI could attempt to retest this level. A break below $1.93, however, could accelerate losses and lead to a deeper correction. For now, the chart suggests near-term consolidation, with bulls and bears fighting for control near a critical technical threshold.
