SUI Token Dips Below $2 Amid Institutional Activity and Volatility

SUI, the native cryptocurrency of the Layer-1 blockchain Sui, slipped 2.5% to $1.98 on Thursday, breaking below the key $2.00 psychological and technical support. The drop came amid increased volatility and a sharp rise in trading activity, suggesting growing institutional involvement at critical price zones.

The token’s decline followed a failed attempt to hold above an intraday high of $2.03, forming a pattern of lower highs within a $0.15 range. Trading volume spiked to 31.18 million tokens, marking a 180% increase over the daily average, particularly during a failed rebound near $1.96. The resistance at $2.05 proved resilient, with multiple rejections reinforcing the bearish short-term tone.

This surge in volume — especially during the midday selloff — implies that large investors were actively repositioning, amplifying moves around the $2 threshold. Such institutional volume often leads to intensified fluctuations when the price tests significant support or resistance levels.

However, short-term technical signals hint at a potential recovery. A double-bottom pattern emerged near $1.952 on the 60-minute chart, followed by a quick rally to $1.978. The breakout above $1.970 triggered another volume spike of 641,000 tokens, indicating renewed buyer interest into the session’s close.

Currently, the $1.93–$1.96 zone acts as immediate support, while $2.05 remains the next upside target. Sustaining momentum above $1.97 could prompt a retest of that level, whereas a break below $1.93 might accelerate the decline toward deeper correction territory. For now, SUI appears to be consolidating, with bulls and bears struggling for control near this crucial technical juncture — a potential setup for the next directional move.