SUI Price Rises Slightly: Can It Rebound?
Sui’s price increased by 2.14% over the past day to $2.37, but it was unable to bounce back from its weekly fall of 3.03%. The token has fallen 31.25% in the last month, and it is currently 56% below its peak of $5.35, which was reached in January. Despite the price increase, trading activity has declined. Sui’s 24-hour volume dropped 19.61% to $1.17 billion. According to CoinGlass data, open interest increased marginally to $818.7 million, while derivatives volume decreased slightly to $2.8 billion. When traders are holding onto their existing positions rather than opening new ones, this pattern frequently appears. Given that volatility usually rises before the unlock, it is a warning indication.
SUI Token Unlock to Boost Market Liquidity This Week
About 43.96 million SUI tokens, valued at $103.3 million, will be unlocked on November 1st, according to Tokenomist data. Of the total supply in circulation, this unlock accounts for 1.21%. Considering that only 36 percent of the SUI has been unlocked so far, the release will greatly boost market liquidity. In the past, these unlocks have exacerbated short-term selling pressure, particularly when price momentum is already limited.
The on-chain data from DeFiLlama indicates that network activity is decreasing, which increases the unlock pressure. Since July, the total value locked has dropped 4.2% to $1.74 billion in the last day. Sui’s stablecoin market capitalization fell 19% to $932 million during the last week, a sign of declining trading and lending liquidity.
SUI Remains Weak, but a Short-Term Bounce Looks Possible
SUI remains below all of the major moving averages. The next important support is at $2.23, while the 10-day EMA at $2.48 acts as immediate resistance. The relative strength index is neutral and almost oversold at 36.9, indicating little opportunity for short-term declines. Early purchase indications are displayed by the momentum, MACD, and commodities channel index indicators, suggesting possible short-term stabilization. The overall trend stays weak unless the price closes over $2.56. If sellers continue to have control, SUI may move toward $2.00. A quick rebound towards $2.70 is feasible if the pressure associated with unlocking lessens and trade volumes stay steady.
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