Solana
SUI consolidates near $0.69 as Foundation buyback programme expands
SUI traded near $0.69 after repeatedly defending the $0.65 support level, with the Sui Foundation continuing modest daily token purchases.
SUI consolidated around $0.69 on 3 August, having found support near $0.65 for a second time. The Sui Foundation has expanded its buyback programme, funded by yields from the network's stablecoin ecosystem. The programme generated approximately $2.2 million in revenue through the current month, with the Foundation purchasing 8,800 SUI on 1 August and 8,700 SUI on 2 August, both at an average price near $0.69.
Since inception, the buyback programme has acquired roughly 317,500 SUI tokens, which are returned to the ecosystem rather than burned. That total represents around 0.008% of the network's 4.07 billion circulating supply. Daily purchases of approximately $6,000 remain modest compared with SUI's roughly $100 million daily trading volume, suggesting the programme functions as a long-term capital allocation strategy rather than a direct price support mechanism.
Stablecoin balances on Sui have reached $443.1 million across 3.6 million holding addresses. From a technical standpoint, $0.65-$0.66 marks the key support zone, while $0.74-$0.76 represents the nearest resistance area. The Chaikin Money Flow indicator showed a slightly negative reading of -0.04, indicating that capital outflows continue to exceed sustained accumulation. A decisive move above $0.75 on stronger volume would improve near-term prospects, while a break below $0.65 would signal increased downside risk.
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