Sui (SUI) trading volume has dropped by 30% in the past 24 hours, following the token’s failure to reclaim the $2 level despite recently reaching a new all-time high.

Following this development, traders who had anticipated a swift move toward $3 have now tempered their expectations. This on-chain analysis explores the reasons behind this shift and what may lie ahead for SUI.

Interest in Sui Continues to Fade

On October 24, Sui’s trading volume was over $700 million. However, as of this writing, the metric has dropped to $503.32 million, representing a 30% decline within the mentioned timeframe.

Crypto trading volume measures how frequently a particular coin is traded within a specific time frame. Investors use this metric to gauge the asset’s buying and selling popularity at any given moment.

Thus, the drop in SUI’s trading volume indicates fading market interest. Typically, declining volume during a price recovery signals bearish momentum. If this trend persists, SUI’s price may fall below the $1.91 level.

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

In line with this perspective, Coinglass data reveals that the 24-hour Long/Short Ratio is currently below 1. This ratio serves as a gauge of investor sentiment; when it exceeds 1, it indicates more longs—those betting on a price increase—than shorts.

Conversely, a reading below this threshold suggests a different sentiment. While the Long/Short Ratio is under 1, the data also shows that it is close to this level. This indicates that the average trader is not necessarily bearish but is likely to remain on the sidelines, awaiting clarity on how high or low SUI’s price may go.

SUI Price Prediction: No Recovery Yet

Based on the daily chart, SUI’s price has fallen below the 20-day Exponential Moving Average (EMA) for the first time since April. The last time this happened, SUI’s price plunged by 62% within four months.

However, this is not to say such a situation will repeat itself. Still, it is unlikely that the altcoin will recover in the short term. As it stands, the token might drop by double digits. If that happens, then SUI’s price could decline to $1.64.

Read more: Everything You Need to Know About the Sui Blockchain

On the other hand, if Sui’s trading volume increases, this outlook could shift. In that scenario, bulls would need to assert buying pressure and prevent bears from dominating the market. If they succeed, the altcoin’s value could rally to $2.37.

Solana Telegram bot ecosystem hit a new milestone yesterday, with trading volume reaching $211 million, as reported by Dune Analytics.

The Trojan bot led this surge, recording a trading volume of $93.7 million, which accounts for nearly 44.4% of the total. The bot was launched earlier this year as a rebranded version of Unibot.

Solana Bots Continue to Dominate the DEX Trading Market

In terms of lifetime trading volume, BonkBot still holds the largest share of the DEX bot market. BonkBot’s lifetime trading volume currently stands at $8.69 billion, followed by Maestro and Trojan. 

However, Trojan has recently dominated the market in terms of average weekly volume. Data from Dune shows that Trojan’s weekly volume accounts for 39% of the entire DEX bot sector trading. This is followed by BonkBot, which accounts for 13.6%. 

Read more: Do Crypto Trading Bots Work?

Solana’s network activity surged to a peak as its Real Economic Value (REV) — a key measure of blockchain revenue — hit a record $11.1 million on October 24, likely driven by a recent spike in meme coin trading.

Since October 19, Solana’s economic activity has consistently outpaced Ethereum’s, marking a notable shift in the market. Additionally, DEX bot activity on Solana has skyrocketed, with daily bot trading volumes soaring nearly 70-fold in two months, from around $30 million in September.

This trading momentum has positively impacted SOL, which is up by 15% this week. Additionally, Solana’s DEX Raydium recently surpassed Ethereum in daily fees collected. Fees on Raydium, primarily from swap transactions, mirror the heightened activity on the platform.

The current liquidation map reveals a bullish sentiment among SOL traders, with a higher volume of long positions compared to shorts. While this optimism aligns with Solana’s recent growth, it also introduces a potential risk if market conditions shift unexpectedly.

Read More: Solana ETF Explained – What It Is and How It Works

Solana’s exchange-traded products also saw notable developments this month. Investment giant VanEck recently introduced staking rewards to its Solana ETNs in the European market. However, the future of a Solana ETF in the US remains uncertain. Both VanEck and 21Shares have filed separate ETF applications, but a decision is unlikely before the upcoming election.

ApeCoin (APE) price has surged 63.86% in the last seven days, but major holders remain skeptical. The number of wallets holding between 1 million and 10 million APE has dropped consistently since October 19.

This decline suggests that whales are not yet convinced about the sustainability of this rally. Without their confidence and participation, it may be challenging for APE to maintain its upward momentum.

APE Whales Are Still Not Convinced

APE price has been in the news after Yuga Labs announced the launching of ApeChain. However, whales don’t seem convinced.

The number of wallets holding between 1 million and 10 million APE has been consistently dropping since October 19. This indicates a lack of confidence among major holders, even with the recent upward movement in price.

Read more: ApeCoin (APE) Price Prediction 2024/2025/2030

Tracking whale activity is crucial because they often drive significant market moves. Between October 19 and October 25, the number of APE whales dropped from 168 to 158.

This decline suggests that despite APE price recent gains, whales are not yet convinced and are not actively accumulating. Without their participation, sustaining the rally could be challenging, indicating uncertainty in APE’s current price momentum.

ApeCoin DMI Shows The Current Trend Isn’t That Strong

The DMI chart for APE shows three important components: the ADX (yellow), the +DI (blue), and the -DI (red). The ADX value is currently at 22.91, indicating a relatively weak trend.

The ADX measures the strength of the trend, with values above 25 considered a strong trend. In this case, the ADX suggests that APE’s recent uptrend lacks momentum to be classified as strong.

The +DI (blue) is at 30.51, which is higher than the -DI (red) at 21.10, indicating that buying pressure is currently dominating selling pressure. However, with the ADX below 25, the current upward movement might lack the force needed to continue with significant gains.

The interplay between the +DI and -DI suggests a bullish trend, but for APE’s uptrend to be sustained and stronger, the ADX would need to rise above 25, confirming a more decisive trend in the current buying momentum.

APE Price Prediction: Can APE Surge More 53% In October?

APE is currently trading above the shorter-term EMA lines, suggesting bullish momentum. However, they are beginning to flatten, which implies potential consolidation after the recent surge. This is also reinforced by the recent heavy drop in the shorter EMA line (the red one in the chart).

Read more: ApeCoin (APE): Everything You Need To Know

Key resistance levels are marked in blue at $1.47 and $1.82. If APE is able to break the $1.47 resistance, it could test $1.82 next, marking a potential 53% price growth.

On the downside, significant support levels are at $1.12 and $0.94, highlighted in red. These support areas provide stability if the price pulls back further, but maintaining support above $1.12 would be vital for holding onto recent gains and avoiding a deeper correction.

This will be crucial to keeping APE among the most relevant altcoins in the market, as the coin has repeatedly moved in and out of the top 100 by market cap in recent months.