SUI, the native token of Layer-1 blockchain Sui, 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 heightened volatility and a marked increase in trading volume, pointing to growing institutional activity near critical price levels.
The token’s price dropped from an intraday high of $2.03, forming a series of lower highs over a $0.15 range. Trading volume rose to 31.18 million tokens – about 180% higher than the daily average – during a failed rejection attempt at the $1.96 mark. That bounce coincided with strong resistance at $2.05, which was tested and rejected several times.
This activity, particularly during the midday selloff, suggests that larger players may have actively repositioned during the weakness. Institutional volume can often intensify moves near support or resistance, which seemed to be the case here.
Still, shorter time frame data showed signs of a possible reversal. A double bottom pattern formed near $1,952 on the 60-minute chart, followed by a rally to $1,978. A breakout above $1,970 triggered another spike in volume – 641,000 tokens – indicating renewed buying interest at the close.
The $1.93-$1.96 zone now serves as near-term support, while $2.05 remains the next upside target. If buyers can sustain momentum above $1,970, the SUI may attempt to retest this level. However, a break below $1.93 could accelerate losses and lead to a deeper correction. So far, the chart suggests near-term consolidation, with bulls and bears fighting for control near a critical technical threshold.
