How a drop to $2 for SUI could precede a rally on the charts?

• SUI flashing a similar pattern as the one back in April 2024 suggested it could drop before a clear reversal
• SUI hit $61 billion in total DEX volume, up by 18.89% in the last 30 days

SUI’s price action, at press time, resembled a historical pattern last observed back in April 2024, hinting at potential future price movements. In fact, SUI seemed to be testing a crucial support level near $3, similar to its historical behavior when it once approached and then rebounded from this threshold.

Analyzing SUI underlined a sharp hike followed by a gradual decline, forming a pattern that hinted at volatility with significant upward and downward movements.

If the price of SUI follows the historical pattern, it might dip towards $2 or lower – Testing these levels before any potential reversal becomes evident.

Source: Ali/X

The altcoin’s price chart reinforced this perspective, illustrating a steep ascent and subsequent decline, now approaching a critical juncture near the $3-mark.

A break below this level could confirm the bearish outlook, potentially leading to further declines towards $2 or below. Conversely, stabilization or a bounce at this price could indicate the onset of a recovery phase, mirroring past market recoveries.

SUI breaking the $3 support could lead to new lows, whereas holding above it might hint at a pending reversal and a potential rally past the $5-price level.

SUI’s total DEX volume and addresses

The decentralized exchange (DEX) volume for SUI saw significant growth, registering a total of $61 Billion as of 17 February. This represented an 18.89% hike over the past 30 days – A sign of heightened trading activity and greater market participation.

Notably, the volume progressively climbed from below $20 billion in May 2024, peaking in February 2025. This surge may be indicative of growing investor interest and confidence in SUI, possibly driven by favorable market conditions or positive developments within the ecosystem.

Source: Torero Romero/X

The steady increase in DEX volume, particularly the sharp rise in recent months, suggested that liquidity was expanding. This is crucial for the sustainability of trading activities on decentralized platforms.

The high liquidity from the hike in trading volume could attract more investors, potentially leading to price stabilization or upticks due to enhanced market efficiency.

Moreover, SUI surpassed 55 million total accounts, registering a hike of 703,475 in just 24 hours. This rapid growth further alluded to robust user adoption that could potentially enhance the network’s value, fostering greater activity and higher demand for SUI transactions.