Sui Network [SUI] is down 2.6% in the past 24 hours, taking its weekly losses to more than 10%. However, it was the third most searched coin amid emerging fundamental and network news.
The main driver of SUI being among trending tokens was Robinhood’s latest campaign to reward users with $5 in SUI for learning about the project. Users will be required to complete short educational modules about the Layer 1 (L1) network.
Additionally, Mysten Labs, which is the developer behind Sui Network, ushered in a new leader, Kevin Boon. Co-founder Evan Cheng announced it, saying ,
I planned for this day when I made him President, and have the utmost faith in him as my successor and our new CEO.
Kevin Boon went ahead to acknowledge his new responsibility and wrote ,
Four years ago I joined Mysten Labs as its lawyer, and almost two have gone by as President. Now I’m honored to be serving as CEO.
As if that were not enough, the network was also embarking on reducing the circulating supply in the market. This was made possible through buybacks powered by USDsui stablecoin reserve yield.
That is, about 900K SUI tokens have been bought since June 22 of this year with an average of 7.6K tokens per day. The amount is likely to surpass the 1 million mark on the first day of November.
Moreover, CME Group’s SUI futures traded over $253 million in notional volume in Q3, their first full quarter on the exchange.
As such, these network activity factors combined with fundamentals could help the altcoin reverse its correction phase.
On the charts, SUI was correcting after hitting the $1.30 mark last month. The altcoin is now sitting above the order block at $0.98, its most recent higher low (HL).
The buying pressure is coming from the $0.98 zone, as seen from candle rejections. However, there was a likelihood of the price breaking below and testing the range breakout zone at $0.84.
The MACD bars set this precedent, as they indicate bears are in control.
Therefore, SUI’s market structure is bullish unless it breaks below the support level at $0.6556. If $0.65 fails, Order Block Detector places $0.40-$0.50 as the next demand zone, which was low for 2024.