TL;DR

SUI is trading near $3.20 support with targets set at $3.53 and $3.90 if held. A falling wedge pattern may lead to a reversal, but breakout confirmation is still missing. Over 1.9M SUI removed from circulation as token burns and freezes continue rising fast.

Price Action Near Key Support

After reaching a high of $3.90 earlier in August, the token has pulled back and is currently priced around $3.18 to $3.28 (Coingecko data). Analysts are closely tracking the $3.20 support, which has held several times before.

SUI has seen multiple short-term rallies from the $3.20 area. The most recent one reached $3.53, and earlier this month, it moved as high as $3.90. Each move upward has been followed by lower highs, which may suggest weakening buying momentum.

Crypto analyst BitGuru stated that if the $3.20 level holds, “buyers could step back in, targeting $3.53 first and potentially a run toward $3.90 again.” However, he also warned that “losing $3.20 might invite deeper downside pressure.”

$SUI is trading at $3.23, holding near short-term support after multiple pullbacks.

If this level holds, buyers could step back in, targeting $3.53 first and potentially a run toward $3.90 again. Losing $3.20, however, might invite deeper downside pressure. pic.twitter.com/ZBGUQrjXtq

At present, the token is sitting just above or around this critical level. A breakdown may lead to further selling unless a quick recovery follows.

Falling Wedge Formation Signals Possible Shift

Another chart shared by Gordon shows SUI trading inside a falling wedge pattern. This structure is often linked to potential trend reversals when confirmed by a breakout.

Notably, the support level at $3.18 has held several times. In a previous wedge, the price broke out and continued higher. A similar setup is now forming.

Still, the price has not yet broken above the descending trendline. Gordon suggested a possible long-term move, stating: “We will revisit this at $10,” though no timeline was given.

The setup remains open-ended. Price must break the wedge before a new upward trend can be confirmed.

Onchain Activity Adds Supply Pressure

Data from Sui Intern shows that SUI has now passed 285 million accounts, reflecting steady network growth. At the same time, on-chain data from @eyezenhour points to over 1.9 million SUI removed from circulating supply due to burns and freezes.

According to the post, token burns are linked to gas usage and validator rewards. Freezes come from staking and system-level locks. The post added:

“The less there is to sell, the harder it is to stop a move once it starts.”

This reduction in float may add pressure to price over time, especially if demand continues to rise.