“A 160% spike in trading volume and stop-loss cascades drove the plunge, with SUI stabilizing just above key support amid mounting November supply concerns.”, — write: www.coindesk.com
The breakdown started when trading volume spiked to 37.5 million. Stop-loss triggers accelerated the move, sending the token from $2.51 to as low as $2.27 before stabilizing. Institutional selling pushed SUI even lower, although signs of buyer defense emerged near the day’s lows.
Despite the price weakness, parts of SUI’s ecosystem showed strength. Momentum DEX, a key decentralized exchange on the network, reported $26 billion in total trading volume, an 8.3% increase from the previous week. In addition, the SUI Foundation brought on Electronic Arts co-founder Bing Gordon as an adviser, aiming to strengthen its Web3 gaming push.
Still, the looming supply from November’s unlock appears to outweigh those gains, at least in the short term. Traders have turned their attention to technical levels for guidance.
Support is forming around $2.27–$2.29, while resistance now sits at the broken $2.41 level and $2.59 above that. A move below the current support could open the door to the $2.15–$2.20 range, while a recovery above $2.41 might shift momentum back to the upside.
For now, sentiment remains cautious as the market waits for the fresh supply to hit.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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XLM consolidated near $0.2975 after a volatile session, underperforming the broader crypto market despite signs of accumulation near key support.
- XLM underperformed by 3.53%, holding at $0.2975 while broader crypto assets advanced.
- Trading volume fell 21% below the 30-day average, signaling weak conviction and a largely retail-driven move.
- Support sits at $0.2950, with resistance at $0.3000–$0.3050; a breakout requires stronger institutional participation.
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