SUI, the native token of the Layer-1 blockchain Sui, declined by 2.5% to $1.98 on Thursday, falling below the $2.00 mark that had served as significant psychological and technical support.
This decline occurred amidst increased volatility and a marked rise in trading volume, suggesting a surge in institutional activity near critical price points.
The token’s price dropped from an intraday peak of $2.03, hitting a series of lower highs within a $0.15 range. Trading volume spiked to 31.18 million tokens—approximately 180% higher than the daily average—during a failed rebound attempt at the $1.96 mark. This rebound coincided with strong resistance at $2.05, which faced multiple rejections.
This activity, particularly through the midday selloff, indicates that larger players may have been actively repositioning during the downturn. Institutional volume often amplifies movements near support or resistance, which seems to be the case here.
Nevertheless, shorter time-frame data hinted at a potential reversal. A double-bottom pattern emerged near $1.952 on the 60-minute chart, followed by a rise to $1.978. A breakout above $1.970 triggered another surge in volume—641,000 tokens—reflecting renewed buying interest as the day closed.
The $1.93–$1.96 range now serves as immediate support, while $2.05 remains the next upside target. If buyers can maintain momentum above $1.970, SUI may attempt to retest that level. Conversely, a break below $1.93 could accelerate losses and lead to a deeper correction. Currently, the chart indicates short-term consolidation, with bulls and bears vying for control near a crucial technical threshold.
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