SUI fell 9.1% to $2.29 on Thursday, under pressure from growing concerns over a $147 million token unlock planned for November. The selling intensified when the token broke below a key support level of $2.41, triggering a wave of liquidations as volume surged 160% above average during early morning trading.
The collapse started when trading volume rose 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 the SUI further lower, although signs of buyer defense emerged near the day’s lows.
Despite the 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 8.3% increase over the previous week. Additionally, the SUI Foundation brought in Electronic Arts co-founder Bing Gordon as an advisor, with the goal of strengthening their Web3 gaming push.
Still, the looming supply from November’s unlock looks set to offset those gains, at least in the short term. Traders have turned their attention to technical levels for guidance.
Support is forming around $2.27-$2.29, while resistance now sits at the broken $2.41 level and $2.59 above it. A move below current support could open the door to the $2.15-$2.20 range, while a rally above $2.41 could shift momentum back to the upside.
So far, sentiment remains cautious as the market waits for the fresh supply to hit.
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