SUI fell 9.1% to $2.29 on Thursday, pressured by growing concerns over the $147 million token unlock scheduled for November. The selling intensified when the token fell below a key support level of $2.41, triggering a wave of liquidations as volume surged 160% above average in the early morning hours.
The outage began when trading volume reached 37.5 million. Stop-loss triggers accelerated the move, taking the token from $2.51 to $2.27 before stabilizing. Institutional selling pushed SUI even lower, although signs of buyer defense emerged near the day’s lows.
Despite the weak pricing, parts of SUI’s ecosystem have shown strength. Momentum DEX, a key decentralized exchange on the network, reported a total trading volume of $26 billion, an increase of 8.3% from the previous week. Additionally, the SUI Foundation brought on Electronic Arts co-founder Bing Gordon as an advisor, aiming to strengthen its Web3 gaming strategy.
However, the looming supply of the November unlock appears to outweigh these gains, at least in the short term. Traders turned their attention to technical levels for guidance.
Support is forming between $2.27 and $2.29, while resistance now lies at the broken $2.41 level and $2.59 above. A move below current support could open the door to a range of $2.15 to $2.20, while a recovery above $2.41 could bring momentum back higher.
For now, sentiment remains cautious as the market awaits the arrival of new supply.
Disclaimer: Portions of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance. our standards. For more information, see CoinDesk Comprehensive AI Policy.
