- Phantom will end Sui support on September 24, forcing users to move or sell SUI.
- SUI has gained 3% in the last 24-hours despite Phantom’s support ending, showing strength.
- Sui TVL is down 82%, but rising activity shows usage holding despite capital decline.
Phantom is ending support for the Sui network on September 24, 2026, giving SUI holders less than a month to decide whether to move their assets to another wallet or swap them into a supported asset. The move comes as Sui’s total value locked (TVL) remains well below its 2025 peak, adding another pressure point for the token.
Phantom said users will still retain full control of their SUI. The assets remain on the Sui blockchain after the transition and can be accessed through another compatible wallet using the same credentials.
SUI Price Holds Up Despite Phantom Decision
SUI was trading around $0.8263 at press time and was up 3% in the last 2-hours and over 23% the previous week. That means the market has not immediately responded with a sell-off following Phantom’s announcement.
Price performance will matter as the September 24 deadline approaches. If SUI starts seeing heavier selling as users move away from Phantom, traders could watch existing support levels weaken.
Migration Does Not Mean SUI Is Being Sold
Phantom is offering users two main routes.
Those who want to keep using Phantom can swap native SUI into wrapped SUI on Solana or move into supported assets such as SOL, ETH, or USDC. Phantom has waived its fee on the native SUI-to-wrapped SUI swap through the transition date, although network and exchange fees still apply.
Alternatively, SUI holders can import their wallet into another application that supports the network. Phantom points users towards Slush, the Sui Foundation’s recommended wallet.
That distinction matters for traders. A wallet migration does not automatically create market supply. However, selling pressure could increase if a significant number of users swap SUI into other assets.
Sui TVL Adds Another Concern
Sui’s TVL has fallen from a peak of $2.58 billion in October 2025 to roughly $460 million, an approximately 82% decline. However, the network has also recorded a recent improvement, with TVL reported up 9.4% over the past 30 days.
Sui-based applications are generating about $142,625 in daily fees, more than 36 times the fees generated by the base layer itself, according to the supplied data.
While TVL remains significantly below its previous peak, the recent uptick and strong application-level activity suggest that usage has not declined at the same pace as capital.
September 24 Could Become a Volatility Test
The September 24 deadline could act as a key trading event rather than an automatic bearish trigger, with price action likely to depend on how much selling pressure emerges during the transition.
Higher SUI deposits on exchanges, rising sell volume and weakening liquidity would make the selling-pressure case stronger. But if SUI holds its recent gains despite users migrating away from Phantom, it could show that demand is absorbing any additional supply.
Related: Mubadala Capital Launches Tokenized Fund on Solana, Base, and Sui
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