SUI has fallen below a pivotal Fibonacci support near $0.8060, extending a two-month downtrend and raising concerns about the network's ability to retain user-facing infrastructure after the Suiet wallet confirmed it will sunset its service on November 14.
According to market data, SUI dropped about 3.41% to roughly $0.7943 on Binance on November 12, losing the $0.8060 level that had held through much of November. The decline occurred in the same week Suiet, one of the longest-running wallets built specifically for Sui, said it would stop maintaining its product. The token has lost approximately 39% since its late-September peak near $1.29, handing back almost four-fifths of that rally. Perpetual futures open interest remains around $877.584 million, and SUI's market capitalization stands near $3.412 billion, reflecting substantial derivatives exposure despite the price decline.
Technical analysis shows SUI has printed lower highs and lower lows within a descending channel since late September. The Fibonacci retracement from the September low of $0.6730 to the $1.2947 high places the 0.786 level at $0.8060. With that level now broken, analysts point to the 0.886 retracement at $0.7439 as the next support, followed by the September low around $0.6730. The 14-day RSI is near 35, below its average of 39.14, suggesting sellers have controlled recent price action. Daily volume has also fallen to a fraction of September's levels.
Market data underscore the network's mixed signals. Token Terminal figures show average daily active users fell to about 128,000 in October from roughly 601,000 in November 2025, a decline of roughly 79%. Total value locked in Sui DeFi protocols stands near $413 million, down more than 22% over the past month, partly due to SUI's price decline. At the same time, monthly transactions climbed from 101 million to 324 million over the same period, a pattern that may reflect automated trading rather than retail growth.
Beyond the support test, there are several network-level developments. Sui Insiders reported that the network has repurchased 1.1 million SUI tokens using on-chain network fees and daily stablecoin yields, though it is unclear whether the tokens are burned or retained. Additionally, Samsung Wallet is expected to roll out USDC access across roughly 82 million Galaxy devices in the United States later in November, a move that could make Sui-based transactions more accessible and potentially support network activity.
On the wallet side, Suiet said its API services will run through November 14, and its Chrome extension will be withdrawn at a later date. Because the wallet is self-custodial, users can import their recovery phrase into another Sui wallet without an on-chain transfer or fee. The team advised users to verify staking and DeFi positions before uninstalling and warned about fake support agents and fraudulent migration sites. Suiet is the third wallet provider to leave the Sui ecosystem in recent months, following Phantom's decision to end Sui support in September and the closure of the Suiball hardware wallet project in November. The DeFi project Full Sail also shut down after a Switchboard-related security incident reportedly cost about $91,000.
Looking ahead, buyers would need to reclaim $0.8060 as resistance before targeting $0.8552 and $0.9105. A broader recovery would require clearing the $1.25–$1.30 region and eventually the $1.40–$1.45 band. However, until SUI can hold its immediate support and regain upward momentum, the path toward its previous highs near $2.02 remains conditional.
