- SUI price is clinging to $3.20 support, a key level for bulls.
- Falling wedge pattern hints at a possible reversal if trendline breaks.
- On-chain burns and freezes are reducing supply, setting up fuel for a move.
SUI has been playing tug-of-war with its support lately. After hitting $3.90 earlier in August, the token slid back and is now hanging in the $3.18–$3.28 zone, right on top of its key $3.20 line. This level has been tested again and again, and so far it hasn’t cracked. But the question is—how long can it keep holding?
Buyers Eye Another Push
Analysts point out that every bounce from $3.20 has led to a quick rally, first to $3.53, then to $3.90. The problem? Each peak has been lower than the last, hinting that buyers might be running out of steam. BitGuru says if $3.20 holds, bulls could make another charge at $3.53 and maybe even $3.90. Lose that level though, and things could get ugly fast with more selling on the table.
Falling Wedge Could Flip the Script
Adding some hope to the chart, Gordon highlighted that SUI is moving inside a falling wedge formation—a structure traders often see as a setup for reversals. The $3.18 support has been tested a handful of times, and the last time a wedge appeared, it ended with a breakout higher. Gordon even tossed out a bold call: “We will revisit this at $10,” though he didn’t commit to when. Still, the price hasn’t cleared the descending trendline yet, so the bullish reversal is just a possibility for now, not a done deal.
On-Chain Signals Tightening Supply
Beyond the charts, SUI’s network is still expanding. Data from Sui Intern shows over 285 million accounts now exist on-chain, a big milestone for growth. At the same time, more than 1.9 million SUI have been taken out of circulation through burns and system freezes tied to staking and rewards. As @eyezenhour put it: “The less there is to sell, the harder it is to stop a move once it starts.” If demand keeps rising while supply shrinks, any breakout could gain serious momentum.
