So there’s this trader called Hantengri who’s been absolutely roasting different blockchains on X, and people are eating it up. But the post that really blew up was about SUI Crypto.
Basically, he’s saying SUI raised a massive $405 million, but he can’t think of a single innovative app on it that people actually use. Yeah, it’s probably an exaggeration, but a lot of people seem to agree with the sentiment.
When you look at what’s actually happening on the chain, most of the volume is just coming from lending and borrowing protocols – which might be the main thing keeping it alive right now.
(Artemis)
But here’s where it gets spicy: he straight-up calls it a “wash trading hub.” His take is that it’s mostly just bots and some people farming for a potential airdrop. Hard to verify if that’s actually true, but the numbers don’t look great.
Daily active users took a sharp decline in November, dropping to around 400k, the lowest it’s been since August. And the price? Also hit a year-low.
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SUI Crypto Price Prediction: Is It Really Going To Zero?
So if you look at SUI’s chart, it’s been getting absolutely wrecked throughout November. We’re talking a drop from around $2.20 all the way down to $1.67 – yep, that year-low we mentioned.
The technical picture is kind of interesting, though. There’s this descending trendline that keeps pushing the price down, and it just bounced off a support area between $1.62-$1.65. The RSI is sitting at 46.30, which is pretty neutral, not oversold yet. That could actually be a red flag because it means there might be more downside if that support level gives up.
The chart’s got two paths sketched out: either we get a bounce back up to $2.00 (the optimistic green arrow), or we keep tanking down to $1.50 (the pessimistic orange arrow).
Honestly, with all the weak fundamentals and users bailing that we talked about earlier, that bearish path seems more realistic. Unless SUI can pull something out of its hat to actually bring real users back, it’s probably heading lower.
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