SUI has rewards, buybacks, and a new CEO – What’s still missing is…
How a new CEO, Robinhood reward campaign and buybacks could help SUI reverse.
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.
Fundamental factors making SUI trend today
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.
This initiative marks a new phase for the network.
Stablecoin yield fuels buybacks
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.
Will the order block at $0.98 hold or break?
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.
Final Summary
- Sui Network was among the top trending tokens due to Robinhood’s rewards campaign, new CEO, and buybacks.
- SUI was in a correction phase with $0.98 and $0.84 as the next demand zones, but the market structure would be invalidated if $0.65 is broken.
![The Injective ecosystem is booming, with RWA trading hitting a record high. According to Injective's latest update, RWA perpetuals on the platform have surpassed $1.1 billion in year-to-date trading volume. Over the past month, the platform generated over $230 million in trading volume. What's driving growth in Injective RWA perpetuals? The Injective ecosystem has continued to grow, driven by its extensive reach across major markets. RWA activity is not limited to a single market. As such, equities, forex, commodities, indices, and pre-IPO assets have become central to on-chain trading. Pre-IPO markets such as SpaceX recorded $6.6 million, while Robinhood reached $5.2 million. Source: Injective In addition, Injective now hosts 135 on-chain RWA perpetual markets. The growing number of markets on Injective indicates a broader shift toward active trading. The platform's market growth has been supported by major institutions, including Pentiv, which tokenized its $10 billion mortgage portfolio, as well as ongoing collaborations with other entities such as Nomura and POSCO. What has turned out to be even more interesting for Injective is the continued development of infrastructure that enables individuals to actively trade. What about INJ? Despite the reported growth in Injective's RWA markets, INJ has shown relative weakness on the charts. The altcoin rally to $9.4 after Injective officials visited the White House proved short-lived, as the altcoin crashed. For that reason, INJ plunged to a low of $8.3. The altcoin has shown relative weakness driven by increased sell-side activity. On October 17th, the spot sell volume rose to 1.45 million, compared to 1.4 million in buy volume. Source: Coinalyze On October 18th, the same trend continued, with the sell volume rising to 416k. As a result, the spot market also saw a negative delta of -4.39K, suggesting aggressive spot selling. On the derivatives side, the behavior was no different. The altcoin's Open Interest fell from $205 million to $182 million, marking an 11% drop. Source: CoinGlass Such a drop in OI indicated that a significant number of traders closed their trades. With both Spot and derivatives activity weakening, selling pressure could continue to weigh on INJ. Can the momentum hold? Although the market is experiencing strong sell-side activity, technical indicators suggest that Injective’s momentum may hold. A look at the MACD shows that the indicator formed a bullish crossover three days ago and has maintained an upward trajectory. The rising MACD, despite the price drop, suggested a weak bearish momentum, and the price could rebound. Source: TradingView At the same time, the Aroon Oscillator has held above 50, further supporting the strength of the upward trend. These two indicators suggest that the drop could be short-lived, with a potential rebound. Therefore, if ecosystem expansion boosts demand, we could see a rebound, reclaiming $9 and targeting a move above $9.4. However, if profit-taking continues and derivatives traders keep exiting their positions, the decline could extend toward $7.5. Final Summary Injective's RWA perpetuals have surpassed $1.1 billion in year-to-date trading volume, with 30-day volume reaching $230 million. Injective [INJ] faced rejection from $9.4 and plunged to a low of $8.3, driven by intense selling pressure.](https://ambcrypto.com/wp-content/uploads/2026/10/Gladys-30-1-e1792319843826.jpg)
