The SUI token continues its downtrend following its listing on Robinhood, reflecting general market negativity.
Price Dynamics of SUI
The SUI token has been on a downward trajectory since August 17, entering a consolidation phase between $3.40 and $3.50. As of press time, it is trading at $3.47, down 16% from this month’s high and 34% from its yearly peak.
Technical Analysis and Market Sentiment
Despite being listed on Robinhood, SUI continued its decline, which is contrary to the usual price rally that follows listings on popular exchanges. This may reflect broader bearish sentiment in the market, as Bitcoin's price fell below $113,000. Data from CoinGlass shows that open interest in SUI futures has sharply declined from $2.66 billion in late July to $1.84 billion today. Additional data indicates that the long/short ratio has fallen below 1, signaling that more traders are now positioning for further downside.
State of the Sui Ecosystem
On-chain data from DeFiLlama reveals that the Sui ecosystem is not faring well lately. The total value locked in decentralized finance has dropped by 11% over the past week, now standing at $3.4 billion. The total supply of stablecoins on the blockchain has also decreased by 16%, currently around $770 million. This decline in stablecoin supply often suggests reduced capital inflows and user engagement within the ecosystem.
Despite achieving a listing on Robinhood, the SUI token exhibits price drops and deteriorating market sentiment, necessitating attention from traders and investors.
