- SUI experienced a cooling effect with its network activity after a robust performance in the last two months.
- A recap of SUI’s latest price action, its pullback and where to expect the next support.
Over the last few weeks, SUI established itself as one of the fastest growing networks. This was evident in its native cryptocurrency’s performance, and more so in the network’s key growth metrics.
To recap, Sui experienced explosive TVL growth so far this year. Its total value locked at the start of 2024 was $211 million, but it celebrated crossing the $1 billion mark for the first time on the 15th of October.
The market has since cooled down, causing the TVL to slid below the $1 billion level.
Source: DeFiLlama
Sui TVL was at $987 million at press time, but the impact of the latest cooldown was more felt in the network stablecoin market cap.
The latter also saw an impressive rally, which recently peaked at $437.5 million on the 5th of October. It has since retreated to $335.22 million.
The last two months have arguably been the busiest for the Sui blockchain. This was evident by the massive volume surge observed between September and October.
SUI’s token volume hit a high of over $2 billion on the 8th of October, which was the highest single daily volume that the Sui network has ever achieved.
Source: DeFiLlama
SUI’s on-chain volume recently dropped as low as $471 million earlier in the week. This was followed by a volume surge in the last three days.
The above observations indicate that the network’s demand and activity has been slowing down. This has consequently affected demand for the SUI token.
Bearish momentum has been building up, aided by additional sell pressure as the overall market condition turns bearish.
SUI goes through an anticipated retracement
SUI exchanged hands at $1.87 at press time, after tanking by 20.69% from its latest local top on 13 October. The cryptocurrency had achieved a $2.36 peak just before mid-October.
AMBCrypto anticipated the pullback based on a higher high and lower high price to RSI divergence.
Source: TradingView
If SUI’s downtrend continues, it will likely find its next support range between the $1.35 and $1.54 price range. This is based on the Fibonacci retracement pattern.
Read Sui’s [SUI] Price Prediction 2024–2025
The network continues to demonstrate its resolve towards attracting more activity into its ecosystem. Its latest announcement revealed that it is now integrated with Google and Zettablock.
This outcome could make it more appealing to developers, allowing Sui to potentially maintain its positive growth trajectory.
