- The SUI token struggles to rebound from the fall below its year-high price.
- Sui has experienced a sharp reduction in Total Value Locked.
- The decline in SUI’s value mirrors the downward trend in the crypto industry.
Over the past weeks, the crypto industry has witnessed mixed performance across assets, evidenced by impressive surges in value and drastic lows. Like many, Sui, the Layer 1 blockchain offering DeFi scaling solutions, commenced the year on a strong note, recording impressive gains across its ecosystem.
Building on the momentum, on March 28, Sui recorded a historic milestone, crossing over $700 million in Total Value Locked. However, the DeFi protocol’s festivities were short-lived as it quickly stepped on a downward slope.
SUI TVL Plunges
According to chain analytics platform DeFiLlama on Monday, April 8, the total value deposited on the Sui blockchain is $654 million.
This marks a sharp 12% decline from its record $724 million value over a week ago, underscoring the downward momentum that followed its record peak. However, despite the decline in Sui TVL, it has outperformed notable chains, including PulseChain and Cardano, which have only mounted negative records of -23.58% and -15.91% within the same timeframe.
Sui’s current value also marks a healthy 25.5% increase over the past month and approximately 68% from its New Year’s Day Value.
The impressive background performance of the newcomer chain has fueled optimism for its potential to build on its parabolic momentum, grow DEX Volume, and amass additional value in TVL, potentially earning a spot among the top 10 chains.
Sui’s decline in TVL mirrors the ongoing underperformance of its native token, which has also suffered a sharp plunge from its high trading price for the past year.
SUI Token Struggles Below ATH
Currently trading at $1.69, the native token of the Sui ecosystem is down approximately 28% from its all-time high price of $2.18, which was achieved on March 27, 2024.
The current value marks a 24-hour 2.9% increase, placing the token at a 12.10% loss over the last seven days. However, SUI’s gains over the past 30 days are 13.66%.
While Sui’s recent performance indicates a challenging path ahead, its months-long upward momentum suggests its potential for breaking its price retest to new highs. Other assets, including top players like Bitcoin(BTC), Ethereum (ETH), Solana (SOL), and more, have experienced price decline, highlighting the broader market downward trend.
Here’s how the SUI token has performed over the past months:
SUI Plunges Below $2 as Market Faces Downturn
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