SUI Slides as Token Unlock Concerns Trigger Breakdown to as Low as $2.27

Core Insights - SUI token experienced a significant drop of 9.1% to $2.29 due to concerns over a $147 million token unlock scheduled for November [1] - The sell-off was exacerbated by a breach of the key support level at $2.41, leading to a surge in trading volume by 160% above average [1][2] - Despite the price decline, SUI's ecosystem showed resilience, with Momentum DEX reporting a total trading volume of $26 billion, marking an 8.3% increase from the previous week [3] Market Dynamics - The breakdown in SUI's price began with a trading volume spike to 37.5 million, which triggered stop-loss orders and caused the price to drop from $2.51 to as low as $2.27 [2] - Institutional selling contributed to the downward pressure, although some buying interest emerged near the day's lows [2] Technical Analysis - Current support levels are forming around $2.27–$2.29, while resistance is identified at the previously broken $2.41 level and $2.59 above that [4] - A decline below the current support could lead to a price range of $2.15–$2.20, whereas a recovery above $2.41 may shift momentum positively [4] Sentiment and Future Outlook - Market sentiment remains cautious as traders await the impact of the upcoming token supply from the November unlock [5]