SUI Surpasses AVAX NEAR HYPE in July Trading Volume Despite 4 Price Drop

SUI has emerged as the standout performer in July, surpassing AVAX, NEAR, and HYPE in total trading volume. According to CoinGecko data, the token generated $44.59 billion in volume for the month, outpacing the combined figures of its competitors by $8 billion. This surge was attributed to the launch of BTCfi on the SUI network, which expanded liquidity avenues for DeFi activities and allowed Bitcoin integration into swaps, perps, and lending protocols [1].

Despite the volume outperformance, the token has faced downward pressure in recent trading sessions. As of press time, SUI was down 4% in the past 24 hours, reflecting broader crypto market sentiment [1]. The decline followed a brief rally earlier in the week, which saw the token reach a local high of $4.40. However, the momentum failed to hold, and traders have been observed exiting positions, signaling caution rather than confidence [1].

The on-chain activity and TVL (Total Value Locked) data tell a more nuanced story. SUI's TVL grew by over 480% since January, reaching $2.295 billion by late July. When including liquid staking, borrowings, and double-counted funds, the aggregate TVL hit $3.48 billion—an all-time high. Stablecoin activity on the network also remained robust, with a market cap of $1.036 billion and daily inflows of $2.36 million [1].

Price action on SUI has been mixed. While volume remains strong, the token struggled to maintain bullish momentum. The price fell back below $3.82 after a failed retest of the $3.61 level. Technical indicators showed conflicting signals: the Awesome Oscillator suggested modest bullish momentum, but the Money Flow Index (MFI) dropped to 36.47, signaling capital outflows. Despite these bearish signs, derivatives data indicated some lingering optimism, with the OI-Weighted Funding Rate staying positive and Open Interest remaining above $2 billion [1].

The broader market environment has contributed to this divergence in sentiment. The Federal Reserve’s hawkish stance and macroeconomic uncertainty have triggered widespread liquidations. For example, over $200 million in long positions were liquidated in a single session following comments from Fed Chair Jerome Powell [2]. Altcoins like SOL and AVAX experienced sharp declines during this period, with both dropping 4%-5% before partially recovering [3].

SUI’s performance stands in contrast to the broader bearish trend, but the token’s success in volume and TVL has not yet translated into sustained price appreciation. Analysts remain divided, with some pointing to the Mill City Ventures commitment of $450 million to a publicly traded SUI treasury as a potential catalyst for further gains [2]. However, the broader market conditions and technical indicators suggest that traders are still cautious and may continue to reassess their positions in the coming weeks [1].

Source:

[1] https://ambcrypto.com/sui-beats-avax-near-hype-in-volume-yet-traders-exit-whats-going-on/

[2] https://coincentral.com/450m-treasury-boost-from-mill-city-sparks-7-5-sui-price-outlook/

[3] https://cryptoadventure.com/doge-sol-and-xrp-lead-altcoin-losses-as-rate-jitters-and-leverage-unwind-hit-crypto