The Sui price has bounced back after a turbulent October, rising around 3% today to trade near $2.33 as bullish traders regain confidence.
The recovery comes despite a looming $103 million token unlock and follows weeks of heavy losses that saw the altcoin fall more than 30% from its early-month peak.
With renewed momentum and easing market anxiety, investors are now watching whether SUI can extend its rebound toward the $3 mark.
Stability ahead of 43.96 million tokens unlock
Sui’s recent rise signals resilience following a period of heightened volatility triggered by concerns over its upcoming token unlock.
Earlier in the week, SUI’s value briefly fell about 9% as traders braced for the release of 43.96 million tokens, roughly 1.2% of the total supply, scheduled for November 1.
However, markets quickly stabilised as selling pressure eased and liquidity returned to the order books.
Data shows that derivatives open interest has increased slightly to $818.7 million, suggesting that traders are holding positions instead of exiting the market.
At the same time, Sui’s total value locked (TVL) has rebounded to $2.643 billion, supported by a rise in decentralised exchange (DEX) activity that reached nearly $23 billion in October.
These point to improving sentiment as the ecosystem absorbs new supply without a sharp correction.
Adding to the optimism, developers are expanding Sui’s role in decentralised finance (DeFi).
Ethena’s upcoming suiUSDe stablecoin integration has fueled interest in the network’s growing DeFi utility, while institutional players, including Grayscale and ETF issuers, have shown increasing interest in the project.
The airdrop boost
Another key factor behind the latest SUI recovery is the Sui Name Service (SuiNS) airdrop.
The project distributed 7.6 million NS tokens to 95,000 DAO voters, rewarding early governance participants.
These tokens are staked to provide voting power and eligibility for future domain-related rewards.
The airdrop has sparked renewed activity across the Sui network.
According to community data, the number of active addresses has surged by nearly 79% in recent months.
This rise in engagement underscores Sui’s growing focus on decentralised identity — a critical component for Web3 expansion.
By rewarding participation and governance, the initiative strengthened community confidence at a time when market sentiment was fragile.
Sui price outlook: cautious optimism for Sui traders
Technically, the Sui price appears to be regaining its footing.
The token recently bounced from the 50% Fibonacci retracement level around $2.32, where the RSI hit near-oversold levels at 34.21.
Traders now eye the $2.48 to $2.56 range as short-term targets, with a potential breakout toward $3.00 if buying pressure continues.
On the daily chart, SUI has held above its key $2.28 support zone — a level that has attracted both technical traders and retail investors.
If the token maintains this support, it could challenge the $3.00 psychological barrier and potentially test the $3.50 mid-range resistance that capped gains earlier this year.
But caution remains. A break below $2.28 could reopen the path toward $2.00, a level that has historically acted as both a floor and a pivot point for trend reversals.
The altcoin continues to trade within a wide range between $2.00 and $4.50, reflecting both its volatility and its potential for sharp moves once momentum returns.
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