Recently, SUI has emerged as one of the rapidly expanding networks in the digital landscape. This progress is evident in the performance of its native cryptocurrency and, more significantly, in the network’s fundamental growth metrics.
In a nutshell, SUI has witnessed remarkable growth in total value locked (TVL) this year. At the beginning of 2024, the TVL stood at $211 million, and it hit a milestone by surpassing the $1 billion mark on October 15th.
However, the market has shown signs of cooling off, leading to a drop in TVL below the $1 billion threshold.
At present, SUI’s TVL stands at $987 million, with the recent market cooldown impacting the stablecoin market cap of the network to a greater extent.
The stablecoin market cap witnessed a notable rally, reaching a peak of $437.5 million on October 5th but has now retreated to $335.22 million.
The past two months have been notably active for the SUI blockchain, characterized by a substantial surge in trading volume between September and October.
On October 8th, SUI’s token volume reached a record high of over $2 billion, marking the network’s highest single daily volume to date.
While SUI’s on-chain volume dipped to as low as $471 million earlier this week, there has been a surge in volume over the last three days.
These trends indicate a slowdown in network demand and activity, impacting the overall demand for the SUI token.
With bearish momentum gaining momentum and additional sell pressure, the current market conditions appear to be turning bearish.
Anticipated Retracement in SUI’s Price Action
Currently trading at $1.87, SUI has experienced a 20.69% decline from its recent peak on October 13th, when it reached $2.36. Observers at CryptoCrypto foresaw this pullback based on the divergence between higher highs and lower highs in price to RSI ratio.
If the downtrend in SUI persists, the next support range is likely to be found between $1.35 and $1.54, based on the Fibonacci retracement pattern.
The network remains committed to attracting more activity to its ecosystem. The recent integration with Google and Zettablock might enhance its appeal to developers, potentially sustaining its growth trajectory.