Sui recovered towards $1 on Thursday after an earlier sell-off pushed it as low as $0.94.
The rebound arrived as Phantom ended support for the Sui network.
Phantom withdraws support for Sui
Phantom had previously announced that it would stop supporting Sui on September 24.
Phantom stated in their support notice that because of the transition, users can, therefore, no longer view, send, swap, or otherwise interact with Sui assets via Phantom!
But this does not mean that his assets are gone. The SUI tokens are still on the blockchain and can therefore be accessed using a different compatible wallet using the same recovery details.
Phantom recommended Slush, a wallet backed by the Sui Foundation, for users who want to retain access to the network.
The decision was originally announced in August, so that means the implementation is the new development.
Its wider effect will depend on whether those users move to other supported wallets or leave the ecosystem altogether.
SUI price returns to a familiar barrier
SUI briefly dropped to about the $0.94 price level before recovering to around the $0.99 price level. It was up 3.25% at the time of this writing.
The current trend now puts it a little below the $1 level, and this is the level which have been seeing more people selling. For buyers to be able to take control of the trend, it must move through the $1 level and remain above it.
Another area that is seeing some challenge is the $1.03 price area. If it’s able to break it, it will get a chance to move to the $1.08 price level.
SUI is also above its main price averages at the $0.94 area, which means that it has been able to maintain its overall recovery despite the fall.
However, the $0.94 price level now serves as the first important support. A drop below it could send SUI back towards the $0.90 level.
If it becomes a lot stronger, the selling zone of interest could open at the same zone with $0.85-0.86 levels to watch. The current battle at the time of writing of this article was near the $1 pric level.
Recent trading activity increased as SUI climbed from below the $0.70 range, which means that the rally made more people participate. That may also encourage some holders to take profits near the current resistance.
Final Summary
- SUI SUI managed to rebound from around $0.94 and is now trying to hit the $1 again.
- Phantom has ceased Sui support, but users’ assets can still be viewed in other compatible wallets.