SUI Defends $3 Support Level Amid Market Turbulence, Eyes $5 Rally
SUI has weathered a 20% decline since early August, yet its steadfast hold above the $3 support level has injected fresh Optimism into the market. Trading at $3.34, the token faces short-term headwinds, including a 5% drop in the last 24 hours. Large token unlocks in August and September—44 million tokens each, worth $159 million and $143 million respectively—have exacerbated selling pressure, driving open interest down 30% since late July.
Despite these challenges, institutional accumulation by entities like sui Group Holdings signals underlying confidence. Funding rates have plummeted from 0.0615% in July to 0.0099%, reflecting subdued speculative activity. Market watchers now eye a potential rally toward $5, buoyed by ecosystem developments and resilient demand.
