Sui’s sharp pull-back (down 21 % in seven days) has traders fretting over a deeper slide, even as a handful of early-stage payment plays such as Remittix quietly gain ground in the background. Open-interest data show leveraged bulls disappearing, while daily volume spikes on red candles point to panic-driven exits. Could the fledgling layer-1 steady itself, or is a test of sub-$0.40 levels on the cards?
Derivatives Point to a Fragile Floor
Futures open interest for SUI has cratered from a record $2.05 billion to just $1.15 billion, a 45 % evaporation that mirrors the token’s slide under its 20-day EMA. The drop is visible and suggests long liquidations rather than fresh shorts—never a healthy sign for momentum.
Total liquidations are now skewed 60 % toward longs, implying that dip-buyers continue to get washed out as each technical support fails.
Spot Metrics Echo the Bearish Tone
On-chain flows tell a similar story. Daily active addresses have slipped 17 % week-over-week, and the network’s total value locked is back under $430 million. At the same time, staking participation has plateaued near 63 % of circulating supply, hinting that big holders are content to stay parked rather than add exposure at current levels.
Technically, SUI trades within a descending channel whose lower rail aligns with $0.42—the May swing low. A decisive breach would open the way to the psychological $0.40 handle and complete a 78.6 % retrace of April’s breakout.
Remittix: Where Some SUI Holders Are Hedging
While SUI battles sell-pressure, capital is trickling into Remittix (RTX), a utility token that converts dozens of cryptos—including SUI itself—into same-day bank deposits for roughly a 1 % fee. A Manchester-based e-commerce start-up recently integrated Remittix’s Checkout API and cut settlement costs by 70 %, letting customers pay in USDC while the merchant receives pounds instantly.
Priced at $0.0781 with $15.7 million in early funding, RTX targets the $190 trillion global-payments market rather than pure DeFi yield, offering SUI investors a real-world hedge should on-chain activity remain sluggish.
Pathways Out of the Rut
For SUI not to give in towards $0.40, bulls must recapture $0.60 (the midpoint of the channel) and push open interest past $1.5 billion, reflecting renewed conviction.
Until those green shoots emerge, positioning with a core SUI allocation balanced by a smaller stake in utility-driven plays like Remittix may offer the best blend of speculative upside and downside insulation in an increasingly selective market.
Website: https://remittix.io/
Socials: https://linktr.ee/remittix
