cryptopotato.com
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
— BitGuru (@bitgu_ru) September 1, 2025
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.