SUI Token Drops 15% Amid Market Volatility, Eyes $2 Recovery
On October 4, Sui (SUI) dropped 15%, becoming the biggest loser in the crypto market. The token fell from $1.97 to $1.62, reducing its market cap from $5.46 billion to $4.45 billion. Although it bounced back to $1.78, SUI remains down 4% over the last 24 hours.
The decline followed the unlock of 64.2 million tokens on October 1, sparking volatility as early investors sold for profit. Despite this, SUIâs September rally and strong ecosystem growth, including a surge in Total Value Locked (TVL) to $1 billion, signal long-term potential. Grayscaleâs SUI Trust launch, blockchain gaming ventures, and plans to bring USDC to SUI are boosting confidence.
Technically, SUI is showing signs of recovery, with analysts eyeing $2 as the next resistance level, potentially reaching its all-time high of $2.17.
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