Sui Price News: SUI Trades 46% Below This Year’s Swing High – Can It Recover?

Sui (SUI) has lost 7.5% of its value in the past 24 hours and as much as 28% in the past 30 days alone, as altcoin season was temporarily derailed by President Donald Trump’s unexpected tariff increase on Chinese imported goods.

It’s been a roller-coaster kind of year for Sui. The token rose to $4.44 at some point in July, but has progressively declined since then, and has booked a 46% loss thus far.

We were expecting a move toward new all-time highs months ago, like other altcoins, but that did not happen. The question is, why?

Looking at on-chain data, Sui’s daily active users have been plummeting since April. Then, the metric picked up its pace in July, as SUI reached this year’s swing high, but DAUs are once again on a downtrend, which explained the token’s poor performance lately.

Sui’s Weekly Active Users (YTD) – Source: Artemis

The fact that Sui has not gotten a spot exchange-traded fund (ETF), while XRP and Solana did, could have also weighed on its near-term performance. Investors could interpret this as an indication that institutional interest in this project is not as strong as that of its competitors.

Momentum DEX Causes Surge in Sui’s On-Chain Metrics

Nonetheless, the network’s total value locked (TVL) has been climbing rapidly amid the overnight success of the Sui-native decentralized exchange (DEX) Momentum. This protocol has seen its TVL increase from just $174 million in late September to $500 million at the time of writing.

Momentum Total Value Locked (TVL) – Source: DeFi Llama

Currently, its TVL accounts for a quarter of the total of the Sui network as a whole. It has already flipped NAVI’s at the second place among the largest Sui dApps and seems poised to surpass Sui Lend to make it to the top spot of this ecosystem by TVL.

The rise of Momentum coincides with a spike in stablecoin reserves within Sui. The latter metric has surged from a recent 7-month low of $535 million to $1.2 billion at the time of writing, underscoring the market’s growing interest in the Sui blockchain.

Price Action Favors Bullish Outlook for SIU If It Stays Above $2.4

It seems that the price is being dragged by the overall wave of negative momentum that the market is experiencing. Yet, under the hood, the Sui network has made a comeback in terms of ecosystem growth with the overnight success that Momentum appears to be.

This supports a bullish outlook for the network and could set the stage for a strong spike in Sui’s price once the market starts to recover and sentiment improves.

SUI/USD Daily Chart (Coinbase) – Source: TradingView

Sui is tagging a key support today at $2.4, from which it temporarily bounced a few days ago. If the price rises again with strong volumes in the next few days, that would confirm that buying interest persists despite the latest wave of negative momentum.

In the past 24 hours, trading volumes have increased to $1.2 billion, now accounting for 14% of the token’s circulating market cap.

Historically, whenever volumes exceed $1 billion, price action signals tend to be more reliable. Hence, a strong support bounce could confirm a bullish short-term outlook for SUI that could ultimately push the token to $3.15 at least and then to $4 if positive momentum accelerates.