[SUI prices fall after hitting six-month high amid market volatility]
SUI experienced a sharp decline on October 4, becoming the day’s largest cryptocurrency loser, down more than 15%. SUI fell from $1.97 to $1.62 on October 3, shrinking its market capitalization from $5.46 billion to $4.45 billion, according to crypto.news. At press time, the price had recovered slightly to $1.78, but was still down 4% in the past 24 hours.
The drop was tied to the October 1 event that unlocked 64.2 million tokens (equivalent to 2.4% of the circulating supply). Nonetheless, SUI’s price adjustment was relatively limited, showing that the market remains optimistic about its long-term prospects. SUI has gained 115% in September, further bolstering investor confidence.
Some analysts believe traders may be shifting profits to rival Aptos (APT). Despite the fluctuations, SUI's ecosystem is still rapidly expanding its functions, and the total value locked (TVL) has reached $1 billion, surpassing Polygon and Avalanche.
SUI’s growth has been driven by multiple factors, including the launch of Grayscale’s SUI Trust Fund, collaborations with Mysten Labs and Playtron, Circle’s introduction of USDC to the SUI blockchain, and more. Technical indicators suggest SUI is poised to continue its rebound, with the next key resistance level at $2, which could challenge its all-time high of $2.17.
