- TL;DR
– SUI is hovering around the $3.20 support zone, with upside targets at roughly $3.53 and $3.90 if that level holds. - – Price action is forming a falling wedge that could precede a reversal, but a confirmed breakout is still needed.
- – On-chain metrics show more than 1.9 million SUI removed from circulation through burns and freezes, while the network surpasses 285 million accounts.
Price action around the critical $3.20 level
After peaking near $3.90 in early August, SUI has retraced and is trading roughly between $3.18 and $3.28, per CoinGecko.
After peaking near $3.90 in early August, SUI has retraced and is trading roughly between $3.18 and $3.28, per CoinGecko.
Traders are focusing on the $3.20 area, which has acted as a reliable short-term floor on several occasions. From that support, the token has launched a series of short rallies — the latest topping out around $3.53 and an earlier one reaching about $3.90.
However, each bounce has failed to produce a higher high, a pattern that can indicate weakening buying conviction. Crypto analyst BitGuru noted that with $3.20 intact, “buyers could step back in, targeting $3.53 first and potentially a run toward $3.90 again,” but cautioned that a break below $3.20 would likely open the door to deeper losses.
For now, SUI sits at or just above that pivotal threshold; a decisive breach would probably prompt additional selling unless a rapid recovery follows. Falling wedge hints at a potential shift, but breakout absent
Charting shared by analyst Gordon highlights SUI moving inside a falling wedge — a structure traders often view as bullish if price can escape the descending trendline.
The $3.18 area in particular has held multiple times, and a prior wedge breakout corresponded with a sustained move higher, suggesting a similar outcome is possible.
That said, the token has not yet cleared the wedge’s resistance, so any bullish thesis remains contingent on a confirmed breakout. Gordon also floated a longer-range view, stating, “We will revisit this at $10,” but did not attach a timeframe to that target.
On-chain activity tightens available supply
Network metrics show Sui has exceeded 285 million accounts, underscoring continued ecosystem growth.
Meanwhile, on-chain research from @eyezenhour indicates more than 1.9 million SUI have been taken out of circulating supply through token burns and freezes.
According to the data, burns are primarily tied to gas consumption and validator payouts, while freezes stem from staking and system-level locks.
As one post put it, “The less there is to sell, the harder it is to stop a move once it starts.” A shrinking float can amplify price moves over time, particularly if demand picks up. Outlook
SUI’s immediate fate hinges on whether the $3.20 support holds and if the falling wedge is convincingly cleared to the upside.
If both occur, traders will likely watch $3.53 and $3.90 as near-term objectives. Conversely, a breakdown under $3.20 could see the token test lower levels before any renewed recovery attempt.
