• Sui is trading at $3.45, facing pressure after slipping below key technical levels, with a potential 10% drop.
• Cetus, the largest Sui DEX, maintains a steady $170.7 million daily volume, demonstrating consolidation despite competition.
• Analysts eye $3.50 support, with a breakout targeting $3.70–$4.00, while weakness could send SUI toward $3.20.

Sui is showing slight gains today, though its network activity shows uneven growth across decentralized exchanges. Smaller platforms are expanding quickly, while the largest DEX is consolidating its position.

At the time of writing, Sui is trading at $3.45, with a 24-hour trading volume of $2.24 billion and a market cap of $8.06 billion. The token has gained 3.25% in the past 24 hours, but recent market signals suggest that the outlook may remain uncertain.

Sui On-Chain Activity Slows as New DEXs Gain Traction

The on-chain activity of Sui has slowed down in recent weeks. Messari data shows that the network’s average daily decentralized exchange (DEX) volume rose 21% quarter-over-quarter to $368 million. However, this growth has been inconsistent across different platforms.

Some of the smaller protocols saw meteoric increases. Momentum increased by 8,594%, and FlowX Finance rose by 1,548%. Meanwhile, Cetus, the largest DEX on the Sui network, remained unchanged, recording $170.7 million in daily volume. This suggests that innovation is drawing users toward newer exchanges, while larger exchanges continue to hold firm.

Sui Struggles to Regain Market Support

From a technical perspective, SUI is facing pressure after dipping below its 50-day moving average of $3.69 and slipping under the pivot point of $3.46. The MACD histogram at -0.0293 also indicates that downward momentum is still in play, making the next few days important for price direction.

Analysts are watching to see whether SUI can regain support above $3.50 to re-establish confidence. A sustained breakout above $3.50 could reopen the door to the $3.70–$4.00 area, but further weakness may test support levels around $3.20.

Also Read | SUI Holds Key Support, Weekly Close Above $4 Could Spark Rally

Derivatives Market Shows Mixed Momentum for SUI

SUI’s derivatives market exhibited a mixed trend as volume declined 14.03% to $5.21B, whereas open interest rose moderately by 3.66% to $1.88B. The divergence signals dampening short-term activity amid ongoing locked-in capital, which could be seen as a cautionary signal from participants.

Meanwhile, the OI-Weighted funding rate is 0.0089%, indicating a slight positive bias. Long positions remain slightly dominant, but the low rate implies a balanced market view without strong conviction in any direction.

Also Read | SUI Price Set to Rally With Robinhood Launch, Eyes $5.40 Target