SUI experienced a significant price decrease of 9.1%, falling to $2.29 on Thursday. This decline was largely attributed to trader reactions to a substantial $147 million token unlock event scheduled for November, which intensified selling pressure in the market.
The downward trend saw an acceleration after SUI lost critical support at the $2.41 level. This breach triggered a cascade of stop-loss orders, significantly increasing trading volume by 160% above its average. During early morning trading, SUI's price fluctuated, dropping from $2.51 to a low of $2.27 before finding some stability. Despite this price volatility, the network's Momentum DEX reported a total trading volume of $26 billion, marking an 8.3% increase from the previous week. This indicates continued robust activity within the SUI ecosystem, even in the face of market uncertainties.
Strategic Advisor Joins to Boost Web3 Gaming
Further developments this week include an announcement from the SUI Foundation regarding the appointment of Bing Gordon, co-founder of Electronic Arts, as a strategic advisor. This move is intended to strengthen SUI's strategic initiatives within the Web3 gaming sector. However, prevailing concerns about the upcoming November token unlock continue to exert downward pressure on market sentiment.
Current market analysis suggests that support for SUI is forming in the range of $2.27 to $2.29. Resistance levels are identified at $2.41 and $2.59, indicating potential price ceilings in the near term.
The information presented in this article is for informational purposes only and should not be interpreted as investment advice. The cryptocurrency market is highly volatile and may involve significant risks. We recommend conducting your own analysis.