SUI Token Drops 3.52% Amid High Volatility Despite Record DeFi Growth and $1.61B Market Cap

SUIUSDT experienced a 3.52% decline over the past 24 hours, with the price dropping from 2.8228 to 2.7235 on Binance. This price movement can be attributed to a combination of bearish short-term forecasts, increased market volatility, and a shift in investor sentiment following technical analysis suggesting possible further downside. Recent news highlighted stabilization attempts after earlier gains, but the overall market remains cautious due to mixed technical indicators and a projected short-term drop to $2.09. Despite strong DeFi growth, including a surge in stablecoin liquidity and record TVL for Sui-native protocols, the current sentiment is bearish, with high trading activity and a neutral Fear & Greed Index of 54. SUI’s market cap stands at approximately $1.61 billion, with a 24-hour trading volume of $860 million, reflecting continued volatility and active trading.