The SUI price remains under intense selling pressure as the token dropped more than 5% over the past 24 hours, slipping to around $0.83. The decline was accompanied by trading volume exceeding $67 million, highlighting heightened market activity as bears tightened their grip. While the price has now entered a historically significant demand zone between $0.82 and $0.85, on-chain metrics paint a concerning picture.
The network activity is deteriorating, and capital flows remain negative. Can this crucial support zone trigger a meaningful rebound, or is SUI preparing for a deeper breakdown below its current range?
SUI Network Activity Continues to Weaken
Beyond the recent price decline, SUI’s on-chain activity suggests the network is facing a broader slowdown in user participation. Data from Artemis shows both daily active addresses and new user growth have been trending lower over the past several months, signaling weakening engagement across the ecosystem.
The decline in active addresses indicates fewer users are interacting with applications built on the network, while the drop in new addresses points to slowing adoption and reduced onboarding of fresh participants. Together, these metrics often serve as leading indicators of network demand, making their continued deterioration a potential concern for long-term price performance.
Traders Continue to Bet on a Recovery Despite Weakening Fundamentals
Interestingly, derivatives traders have not completely abandoned SUI despite the decline in network activity and recent price weakness. Data from Messari shows open interest remains elevated near $442 million, suggesting a significant amount of capital is still committed to SUI futures markets. At the same time, funding rates have remained positive over the past several weeks, indicating that long-position holders continue to pay a premium to maintain their bullish bets.
This typically reflects optimism among traders, even as the spot market struggles to establish a sustainable uptrend. The divergence is becoming increasingly difficult to ignore. On one side, active addresses and new user growth continue to decline, pointing to weakening ecosystem participation. On the other, derivatives traders appear to be positioning for a potential recovery, keeping open interest elevated despite the broader market uncertainty.
Can SUI Rebound After Entering a Major Support Zone?
Despite the weakening on-chain activity, SUI has entered one of its most important support zones in recent months. The price is currently trading near the lower boundary of a long-standing demand area between $0.82 and $0.85, a region that has historically attracted buyers and triggered relief rallies.
The Relative Strength Index (RSI) is approaching oversold territory, suggesting bearish momentum may be nearing exhaustion. However, the Chaikin Money Flow (CMF) remains below the zero line, indicating capital continues to flow out of the asset, and buyers have yet to regain full control.
A successful rebound from these levels could allow SUI to reclaim the key resistance near $1.07 and potentially re-enter its previous trading range. Besides, a decisive breakdown below the $0.82 support zone could invalidate the recovery scenario. It may further expose lower support levels near $0.74. If selling pressure intensifies alongside declining network activity, the correction could extend even further in the coming weeks.
As a result, the current support zone may determine whether SUI stages a meaningful recovery or continues its broader downtrend.
SUI Price Forecast for June: Will it Reclaim $1.20?
For SUI to reclaim $1.2, bulls must hold the key support zone between $0.82 and $0.85 and break above resistance near $1.07. A move above this level could revive bullish momentum and pave the way for further gains if market sentiment improves.
However, continued weakness in network activity could limit buying pressure and increase the risk of further downside. A breakdown below support may send SUI toward lower levels before any sustained recovery emerges.
Overall, SUI’s outlook remains mixed. Reaching $1.2 is possible, but it will likely depend on stronger network participation and a successful breakout above key resistance.
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