It’s been a wild 24 hours for Sui, where we’ve witnessed one of the fastest and most dramatic moves in the crypto market this year. As someone well-versed in crypto trading, the idea of a token nosediving nearly 87% in mere minutes is nerve-wracking. On October 10, the SUI price crashed from $3.80 to just $0.50 after 44 million tokens worth over $144 million were unlocked. Pouring into thin order books across Binance and Coinbase.
This cascade set off over $500 million in liquidations, including $100 million from SUI positions. Despite a partial recovery to $2.40, SUI ended up down 20.75% in 24 hours, outpacing the broader crypto market’s drop of around 9%. Now, SUI holders anxiously watch for signs of stabilization, hoping to spot the bottom as the technical picture continues to deteriorate.
Price Analysis: Sui Tests Critical Supports
After the gush of selling set off by the token unlock and market-wide deleveraging, SUI finds itself wobbling ear key support levels. The Sui price currently sits at $2.76, marking a massive 20% single-day loss and 22% drop across the last week. SUI’s market cap has shrunk to $10.01 billion after shedding over $2.5 billion. While trading volumes exploded 294%, reflecting panic-driven moves.
Technically, things look grim. SUI sliced through its 7-day SMA at $3.40 and critical Fibonacci support at $3.26, formerly the 23.6% retracement. The breakdown triggered algorithmic selling and stop-losses, pushing SUI toward the next notable support at $2.82, the 38.2% Fibonacci retracement. The RSI-14 now hovers near 28, deep in oversold territory. If SUI fails to hold above $2.82, the price risks plunging toward $2.11, the last strong technical lifeline before another wave of forced selling.
A bounce above $3.26 would be key for short-term relief, giving trapped longs a chance to exit. But as open interest in SUI derivatives drops 15%, traders seem to be pulling back, unwilling to reenter leveraged bets until volatility steadies. For now, SUI’s fate is locked into watching how well buyers can defend these support zones amid ongoing market uncertainty.
FAQs
A massive unlock of 44 million tokens hit the market in minutes, triggering $500M in liquidations as volatility and panic selling swept across exchanges.
The RSI is at 28, indicating SUI is oversold, but there’s no clear bullish divergence yet; a sustained move above $3.26 might offer some relief.
Key support at $2.82 is critical, if breached, SUI could drop to $2.11. That being said, buyers need to defend these levels to avoid further losses.
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