SUI Token Drops 8.62% Amid Market Correction, But On-Chain Growth and $1B Volume Signal Strength

SUIUSDT experienced a notable 8.62% decline over the past 24 hours, with the price dropping from a 24h open of 3.1258 to 2.8563 on Binance. This price decrease is primarily attributed to recent market volatility following a sharp rally and subsequent correction earlier in June, as well as mixed technical signals and a neutral-to-bearish momentum indicated by a Relative Strength Index near 43.26. Despite the drop, SUI continues to see strong on-chain activity, with SuiLend’s total value locked surging 90% in the past month and the overall supply of stablecoins on Sui reaching $1.2 billion, reflecting robust ecosystem growth. Trading volume remains high at over $1 billion in the last 24 hours, and SUI holds a market cap between $9.85 billion and $10.6 billion. The market is consolidating near key support at $2.88, with resistance at $3.25; a breakout from this range will likely determine the next significant price movement.