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Sui (SUI) Market Update: Price Recovery, Airdrop Impact, and Key Support Levels
Sui (SUI) Price – The Sui (SUI) price has staged a notable recovery after a turbulent October, rising approximately 3% today to trade near $2.33, as bullish traders regain confidence in the altcoin. This rebound comes despite an impending $103 million token unlock and follows a challenging period in which SUI dropped over 30% from its early-month highs. With renewed momentum, investors are now watching to see whether the token can push toward the $3 mark in the near term.
Stability Ahead of 43.96 Million Token Unlock
The recent upward movement underscores Sui’s resilience after weeks of volatility sparked by concerns over a major token unlock. Earlier this week, SUI briefly dropped around 9% as traders prepared for the release of 43.96 million tokens, approximately 1.2% of total supply, scheduled for November 1.
Markets stabilized quickly, however, as selling pressure eased and liquidity returned to order books. Data indicates that derivatives open interest has risen slightly to $818.7 million, showing that traders are maintaining positions rather than exiting the market.
At the same time, Sui’s total value locked (TVL) has rebounded to $2.643 billion, fueled by a surge in decentralized exchange (DEX) activity, which reached nearly $23 billion in October. These metrics suggest improving market sentiment as the ecosystem absorbs new supply without triggering sharp price corrections.
DeFi Growth and Institutional Interest Boost Confidence
Developers are expanding Sui’s role in decentralized finance (DeFi), further enhancing optimism. The upcoming Ethena suiUSDe stablecoin integration has sparked interest in the network’s growing DeFi utility. Simultaneously, institutional players, including Grayscale and various ETF issuers, have shown increased attention to the project.
This institutional engagement highlights Sui’s potential to solidify its presence in the broader DeFi and crypto investment landscape.
Airdrop Spurs Community Engagement
Another key driver of the SUI rebound is the Sui Name Service (SuiNS) airdrop. The project distributed 7.6 million NS tokens to 95,000 DAO voters, rewarding early governance participants. These tokens are staked to grant voting power and eligibility for future domain-related rewards.
The initiative has sparked a 79% increase in active addresses in recent months, signaling strong community engagement. By incentivizing participation and governance, the airdrop has reinforced confidence at a time when market sentiment was fragile, particularly amid token unlock concerns.
Technical Outlook: Cautious Optimism for Sui Traders
From a technical standpoint, SUI appears to be regaining stability. The token recently bounced from the 50% Fibonacci retracement level near $2.32, with the RSI hitting near-oversold levels at 34.21. Short-term targets now range from $2.48 to $2.56, with a potential breakout toward $3.00 if buying momentum persists.
On the daily chart, SUI has held above its key $2.28 support zone, attracting both technical traders and retail investors. If this support level holds, the altcoin could challenge the $3.00 psychological barrier and even test the $3.50 mid-range resistance, which capped gains earlier this year.
However, caution remains. A drop below $2.28 could reopen the path toward $2.00, a historically significant floor and pivot point for trend reversals. Currently, SUI trades within a wide range between $2.00 and $4.50, reflecting both its volatility and potential for sharp moves as momentum returns.
With renewed momentum, community engagement, and DeFi expansions, Sui is demonstrating resilience in the face of both market volatility and upcoming token unlocks. Investors and traders are now closely watching whether the altcoin can extend its rebound toward the $3 threshold, signaling a potential turning point for the token as it navigates both short-term technical resistance and long-term growth catalysts.
[…] rally comes as the Sui ecosystem continues to roll out strategic updates, enhance user accessibility, and attract strong investor […]