SUI Token Drops 3.33% Amid Market Weakness, But Surging Network Activity Signals Long-Term Strength

SUIUSDT experienced a 3.33% price decline over the past 24 hours, with the current price at 2.6259 (Binance data). The recent price drop is primarily attributed to broader market weakness, as SUI led declines in major crypto indices, and short-term bearish sentiment following technical resistance near the yearly open. Despite the price decrease, SUI has seen a surge in network activity, particularly in stablecoin and DeFi transactions, which is viewed as a positive long-term indicator. Trading volume remains robust, with recent daily spot volumes approaching $2 billion and a 12% increase in market capitalization, reflecting strong investor interest. Technical indicators are mixed but show a slightly bullish bias, with an RSI of 65 and strong Aroon Up readings, suggesting that while short-term volatility persists, underlying momentum could support future price recovery if positive network trends continue.