SUI dropped 9.1% to $2.29 on Thursday, under pressure from mounting concerns over a $147 million token unlock scheduled for November. The sell-off intensified when the token broke below a key $2.41 support level, triggering a wave of liquidations as volume surged 160% above average during early morning trading.

The breakdown started when trading volume spiked to 37.5 million. Stop-loss triggers accelerated the move, sending the token from $2.51 to as low as $2.27 before stabilizing. Institutional selling pushed SUI even lower, though signs of buyer defense emerged near the day’s lows.

Despite the price weakness, parts of SUI’s ecosystem showed strength. Momentum DEX, a key decentralized exchange on the network, reported $26 billion in total trading volume, an 8.3% increase from the previous week. An addition, the SUI Foundation brought on Electronic Arts co-founder Bing Gordon as an adviser, aiming to strengthen its Web3 gaming push.

Still, the looming supply from November’s unlock appears to outweigh those gains, at least in the short term. Traders have turned their attention to technical levels for guidance.

Support is forming around $2.27–$2.29, while resistance now sits at the broken $2.41 level and $2.59 above that. A move below the current support could open the door to the $2.15–$2.20 range, while a recovery above $2.41 might shift momentum back to the upside.

For now, sentiment remains cautious as the market waits for the fresh supply to hit.

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