The SUI token experienced a sharp drop this week. Its price plummeted by 15%, trading below $2.28 from a high of $2.67. This bearish movement casts doubt on the SUI price prediction for the rest of October.
Despite the price drop, SUI shows conflicting signals. The Total Value Locked (TVL) reached an all-time high of $2.63 billion early in the month. This positions SUI as the tenth-largest layer-1 network by TVL. However, on-chain activity is not positive. DEX trading volume fell by more than 50% since early October. It dropped from $1 billion to just $500 million daily.
This slowdown is also visible in active addresses. SUI’s user activity continues to slide. It was already behind big names like Solana and Ethereum. Furthermore, it was overtaken by SEI in September.
The relevance of these metrics is crucial. The high TVL suggests that capital still trusts the SUI ecosystem. However, the drop in DEX volumes and active users is concerning. It indicates that daily use of the network is decreasing. This contrast between locked capital and real activity complicates the SUI price prediction in the short term.
Is SUI at a Decisive $2.30 Level to Avoid Another Drop?
Technical analysis, according to data from TradingView, shows SUI is at a key point. The price bounced off the demand zone between $2.25 and $2.35. The price seems to be consolidating after the recent drop. The RSI indicator sits at 49, showing neutral momentum for now.
The $2.30 level is vital. A bullish scenario involves breaking the $2.50 resistance. If it manages to flip $2.80 into support, it could target $3.00. Breaking that barrier would open the door toward $3.40.
On the bearish side, the risk is clear. If SUI fails to hold the $2.30 demand zone, it could fall. The next targets would be at $2.15 or even $2.02.
SUI’s situation is one of high uncertainty. The market awaits a definition at the $2.30 level. The strength of its TVL on the blockchain contrasts sharply with weak user activity. This divergence will determine if the SUI price prediction leans toward a recovery or a continuation of the bearish trend in the coming weeks.
