Overview
- Sui traded near $2.46 on October 23 after defending the $2.38 support zone, extending a consolidation range that formed following mid-October volatility.
- Chart watchers point to a bullish pennant on the 3‑day timeframe and say momentum likely requires a volume expansion, with scenarios that target $3.70 first and potentially $5.00 if resistance gives way.
- Short‑term setups remain mixed, and several analysts highlight $3.00 as the level to reclaim and hold as support before a sustained advance can develop.
- On‑chain metrics show rapid user growth, with new accounts rising from under 200,000 in late September to more than 782,000 by October 23, while daily active use remains uneven.
- Regulatory and ecosystem developments continue to build out the investment case, including Canary Funds’ updated S‑1/A confirming a Cboe ticker for a proposed spot SUI ETF and the launches of suiUSDe and USDI alongside plans for an ‘SUI Bank.’