SUI Price Faces $0.98 Support Test as Buybacks Near 1 Million Tokens and Mysten Labs Names New Leader
SUI fell 2.6% over the past 24 hours, extending its weekly decline to more than 10%, even as the token ranked as the third most-searched cryptocurrency amid several developments involving its ecosystem. Robinhood launched an educational rewards campaign, Mysten Labs announced a new leader, and buybacks funded by stablecoin reserve yield continued to reduce the amount of SUI circulating in the market.
Robinhood Rewards and Mysten Labs Leadership Change Put SUI in Focus
Robinhood introduced a campaign offering users $5 worth of SUI for learning about the project. To qualify, participants must complete short educational modules covering the Sui Layer 1 blockchain network.
Another development came from Mysten Labs, the company behind Sui Network, which announced Kevin Boon as its new leader. Co-founder Evan Cheng announced the appointment. The source material also notes that Boon acknowledged his new responsibility, although it does not provide the wording of his statement.
SUI Buybacks Approach 1 Million Tokens
Sui Network has also been using yield generated by the USDsui stablecoin reserve to fund token buybacks. The initiative is intended to reduce the circulating supply of SUI.
Approximately 900,000 SUI tokens had been purchased through the program since June 22, with an average of 7,600 tokens bought per day. Based on that pace, the total was expected to exceed 1 million tokens on November 1.
Institutional derivatives activity added another data point for the ecosystem. CME Group's SUI futures recorded more than $253 million in notional trading volume during the third quarter, marking their first full quarter on the exchange.
These developments provide fundamental and network-related context as SUI trades lower. However, the available information does not establish whether the rewards campaign, leadership change, or buybacks will be sufficient to reverse the token's price correction.
SUI Price Watches $0.98 Support
From a technical perspective, SUI has been correcting since reaching $1.30 in the previous month. The token was trading above an order block near $0.98, identified in the source analysis as its latest higher low.
Candlestick rejections around $0.98 indicated buying interest in that area. Nevertheless, the analysis warned that SUI could fall below this level and test the range breakout zone at $0.84.
The moving average convergence divergence (MACD) bars were cited as a sign that bearish momentum remained in control, creating a risk of further downside despite buying activity near support.
Lower Support Levels Could Come Into Play
The technical outlook described SUI's broader market structure as bullish as long as the price remained above $0.6556. A break below that level would weaken the stated bullish structure.
If support around $0.65 failed, the Order Block Detector indicator identified the $0.40–$0.50 range as the next demand zone. The source characterized that range as a low area last seen in 2024.
SUI's near-term direction therefore depends in part on whether buyers can defend the $0.98 area or whether selling pressure pushes the token toward lower support levels. The ecosystem developments provide additional context, but the cited technical levels remain central to the price outlook.
source: ambcrypto
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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