Sui Network (SUI) has become one of the most talked-about cryptocurrencies thanks to a recently launched rewards campaign by Robinhood, the appointment of a new CEO, and a buyback program. SUI has decreased by 2.6% over the past 24 hours, exacerbating its weekly losses, which have exceeded 10%. The main driver of increased interest in SUI was Robinhood's offer to reward users with $5 in SUI for learning about the project. To receive the reward, users will need to complete short educational modules dedicated to the Layer 1 (L1) network.
Additionally, Mysten Labs, the developer of Sui Network, appointed a new CEO, Kevin Buehler. Co-founder Evan Cheng announced his appointment, noting, "I planned for this day when I made him President, and I have full faith in him as my successor and our new CEO." Kevin Buehler also commented on his appointment, stating, "Four years ago, I joined Mysten Labs as an advocate, and for almost two years, I served as President. Now, it is an honor for me to serve as CEO." Meanwhile, the network is also beginning to reduce circulation through buybacks funded by revenues from the USDsui stablecoin reserves. Since the end of June, about 900,000 SUI tokens have been repurchased with an average daily amount of 7.6K tokens. It is expected that by early November, this amount will exceed 1 million. According to CME Group data, SUI futures traded for more than $253 million in the third quarter, marking their first full quarter on the exchange.
On the charts, SUI is in a corrective phase after reaching the $1.30 mark last month and is currently trading above the $0.98 level, which is the latest higher low (HL). Buyer pressure emerges from the $0.98 zone, as evidenced by candle rejections. However, there is a possibility that the price may fall below and test the breakout zone at $0.84. The current market structure remains bullish if the price does not break the support level at $0.6556. If the $0.65 level does not hold, the next demand level will be the $0.40-$0.50 zone, which is a low indicator for 2024.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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