SUI has slid more than 10% in a week to test the $0.98 support zone, even as buybacks paid from stablecoin yield have already bought back about 900,000 tokens. With a new CEO at Mysten Labs and a Robinhood rewards push making SUI the third most searched coin, traders now watch whether buyers can defend $0.98 or the fall deepens.
Key points:
- Mysten Labs president Kevin Boon has taken over as CEO, while co-founder Evan Cheng stays as CTO and leads a new AI unit.
- Buybacks funded by USDsui stablecoin reserve yield have bought about 900,000 SUI since June 22, around 7,600 a day.
- SUI trades just above the $0.98 order block after falling from about $1.30 last month; $0.84 is the next demand zone below.
The leadership change was planned, not sudden. Cheng announced in an October 16 letter that Boon, who joined Mysten Labs four years ago as its lawyer and later served as chief legal officer and president, would succeed him. Cheng said he had planned for this day when he made Boon president, and he will now focus on technical leadership and a new in-house AI division. At the same time, Robinhood's latest campaign is paying users $5 in SUI to complete short lessons about the Layer 1 network, putting the token in front of millions of retail users.
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Why are the buybacks growing?
The buying is funded by yield on the reserves behind USDsui, Sui's native stablecoin. About 900,000 SUI have been bought since June 22 at an average of roughly 7,600 tokens a day, and at that pace the total should pass 1 million around November 1. The purchased tokens are used to reward ecosystem participants rather than being burned, so the programme creates steady daily buying in the market instead of cutting supply. Institutional interest is building too: CME Group's SUI futures traded more than $253 million in notional volume in the third quarter, their first full quarter on the exchange.
On the charts, the picture is still fragile. SUI is correcting after topping near $1.30 last month, and it now sits just above the $0.98 order block, its most recent higher low. Candles have been rejected from that zone, which shows buyers are defending it, but momentum indicators still favour the bears for now. If $0.98 breaks, analysts see the next demand zone near $0.84, while the wider bullish structure only fails if the price falls below about $0.65.
What happens next?
For traders, the test is simple: if $0.98 keeps holding while the new CEO settles in, buybacks keep growing and Robinhood's campaign pulls in fresh users, SUI has the ingredients for a reversal. If support cracks, the same crowded attention could speed up the fall toward $0.84. Either way, SUI has become one of the most watched altcoins of the week — and the $0.98 line will decide its next big move.
Read also: TRON Settles $2.2 Trillion in Stablecoins — Can TRX Outrun Its Growing Supply?
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: AMBCrypto, TradingView, ChainCatcher
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