Phantom's Sui Support Cutoff Puts Token Price in the Spotlight

Phantom's decision to end support for Sui on September 24 has left users scrambling, but the token itself is showing surprising resilience. Despite the looming deadline, SUI gained 3% in the last 24 hours and is up over 23% from the previous week.

The total value locked (TVL) in Sui has fallen dramatically, down 82% from its peak of $2.58 billion in October 2025 to around $460 million today. However, recent data suggests that usage is holding steady, with application-level activity and daily fees up 9.4% over the past 30 days.

Users have two main options: they can swap native SUI into wrapped SUI on Solana or move their assets to supported assets like SOL, ETH, or USDC through Phantom's waiver of its fee on native SUI-to-wrapped SUI swaps. Alternatively, users can import their wallet into another application that supports the network.

While migration does not automatically create market supply, selling pressure could increase if a significant number of users swap SUI into other assets. The September 24 deadline will be a key test for SUI's price performance, with traders watching for signs of heavier selling or weakening support levels.