- Sui, the native token of the Layer-1 blockchain Sui, fell 2.5% to $1.98, slipping below a key $2.00 support level.
- Trading volume surged 180% above average, reaching 31.18 million tokens during a failed bounce attempt.
- Larger players appear active, as indicated by midday selloff and resistance tests near $2.05.
- A double-bottom pattern near $1.95 suggests possible short-term reversal momentum.
- Immediate support lies between $1.93 and $1.96, with $2.05 as the next target pending sustained gains above $1.97.
SUI, the native cryptocurrency of the Layer-1 blockchain Sui, dropped 2.5% on Thursday to $1.98, falling below the psychological and technical support level of $2.00. The token experienced an intraday high of $2.03 but declined thereafter, forming a sequence of lower highs across a range of $0.15.
Trading volume elevated significantly to approximately 31.18 million tokens, about 180% above its daily average, during a failed recovery attempt around the $1.96 price point. This bounce coincided with a strong resistance zone near $2.05, which was tested multiple times without success.
Market activity during the midday selloff indicates that institutional investors may have been repositioning their holdings in response to price weakness. Increased institutional volume often influences price movements near key support and resistance levels, which aligns with the observed trading patterns.
On shorter time frames, chart data revealed a potential turnaround indicated by a double-bottom formation near $1.952 on the 60-minute chart. This pattern was followed by a rise to $1.978. Crossing above $1.970 triggered an additional volume spike of 641,000 tokens, pointing to renewed buyer interest as trading closed.
The price zone of $1.93 to $1.96 now provides near-term support for SUI. Should buyers maintain momentum above $1.970, the token may attempt to retest the $2.05 resistance level. However, a drop below $1.93 could accelerate losses and lead to further correction. The chart currently suggests short-term consolidation, with bulls and bears contesting control around a crucial technical threshold.
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