SUI fell 5.93% to $0.9903, with intraday selling pressure keeping the token below $1 and testing support near $0.98.
Bulls will need to pull back $1.4223 to take out the recovery setup and $2.65 and $5.36 are the next recovery targets expected.
Rising derivatives activity and earlier liquidation spikes reflect changing market positioning, while future token unlocks could affect circulating supply and valuation.
SUI market sentiment is bearish with SUI price still under downward pressure, traders are watching for support levels and waiting for confirmation that the token may be on the verge of a comeback.
SUI Price Decline Keeps Immediate Recovery Uncertain
SUI settled around $0.9903 after decreasing by 5.93% during the last 24 hours. It rallied early on the day towards $1.06 initially and then turned around. The price then pulled back to below $1.04, resulting in a loss of short-term buying momentum.
Source: Coinmarketcap
The token tried to bounce back around midday and briefly reached the $1.03 mark. But the turnaround wasn't to be permanent as the recovery stalled. Later weakness drove SUI toward $0.98, where buyers attempted to stabilize prices.
The $0.98 area now represents an immediate support zone on the displayed chart. A sustained break below this level could expose SUI to further declines. Conversely, reclaiming $1.00 would offer initial relief after the recent sell-off.
Trading volume increased 32.65% over 24 hours, indicating heightened market activity. The displayed volume-to-market-cap ratio reached 16.26% during the same period. However, rising volume alongside falling prices does not independently confirm further bearish movement.
$1.4223 Remains the Main Bullish Confirmation Level
Crypto Patel identified $1.4223 as the level required for bullish confirmation. The analyst also pointed to a potential re-entry zone between $0.75 and $1.00. That area forms part of the longer-term accumulation structure presented in the weekly chart.
Source: X
The chart places broader support around 0.55–0.75, where buyers previously attempted stabilization. A sustained defense could help establish a base for another recovery. However, continued consolidation alone cannot confirm that accumulation has finished.
A weekly close above $1.4223 would strengthen the potential reversal setup. A successful retest and stronger trading volume would offer some extra confirmation. Repeated rejection below this threshold would leave the recovery thesis unconfirmed.
The analyst's first upside target stands at $2.65, followed by $5.36. These levels depend on SUI clearing intervening resistance and sustaining upward momentum. Neither target represents a confirmed destination, given the current price weakness.
Derivatives Activity and Higher Targets Require Caution
The perpetual liquidation chart shows repeated bursts of forced position closures between April and October. Larger liquidation events appeared during periods of sharper price movement. These episodes indicate that leveraged traders faced pressure as market conditions changed.
Source: Coinglass
During June and mid-August, SUI traded relatively sideways with smaller liquidation bars. Activity increased again as prices fluctuated more strongly in late August and September. The price subsequently approached $1.20 in early October before retreating.
Exchange data showed Gate leading open interest at approximately $134.10 million. Binance recorded the highest displayed trading volume, reaching $361.89 million. It also led futures trade count, with approximately 1.75 million transactions.
Crypto Patel outlined $10 as a bull-market target and $20 as a macro target. Those projections require stronger market conditions and sustained demand beyond the immediate recovery setup. Meanwhile, the $4.07 billion market cap and 4.11 billion circulating tokens offer more context for SUI's valuation.
The maximum supply is 10 billion SUI, while 4.11 billion are currently in circulation. Released tokens may impact supply and value factors. At this time, $0.98 and $1.4223 support levels and confirmations are key to determining the next step.