- SUI experienced a cooling effect on its network business after a robust performance over the past two months.
- A recap of SUI’s latest price action, its pullback, and where to expect the next support.
Over the past few weeks, SUI has established itself as one of the fastest growing networks. This was evident in the performance of its native cryptocurrency, and even more so in the network’s key growth indicators.
To recap, Sui has seen 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 October 15.
The market has since cooled, causing the TVL to fall below the $1 billion mark.
Source: DeFiLlama
Sui TVL stood at $987 million at press time, but the impact of the latest cooldown was felt more on the stablecoin network’s market cap.
The latter has also seen an impressive rise, recently peaking at $437.5 million on October 5. Since then, it has declined to $335.22 million.
The last two months have arguably been the busiest for the Sui blockchain. The massive increase in volumes observed between September and October bears witness to this.
SUI’s token volume reached a peak of over $2 billion on October 8, representing the highest daily volume ever achieved by the Sui network.
Source: DeFiLlama
SUI’s on-chain volume recently fell to $471 million earlier in the week. This was followed by an increase in volumes over the last three days.
The above observations indicate a slowdown in demand and network activity. This has consequently affected the demand for the SUI token.
Bearish momentum has been building, aided by additional selling pressure as the overall market picture turns bearish.
SUI crosses an early retracement
SUI was trading at $1.87 at press time, having fallen 20.69% from its last local high on October 13. The cryptocurrency had reached a high of $2.36 just before mid-October.
AMBCrypto anticipated the pullback based on a higher price and a lower price relative to the RSI divergence.
Source: TradingView
If SUI’s downtrend continues, it will likely find its next support range between $1.35 and $1.54. This is based on the Fibonacci retracement pattern.
Read Sui (SUI) Price Forecast 2024-2025
The network continues to demonstrate its determination to attract more activity into its ecosystem. Its latest announcement revealed that it is now integrated with Google and Zettablock.
This result could make it more attractive to developers, allowing Sui to potentially maintain its positive growth trajectory.
