SUI’s spot trading volume plummeted by about 42% in the past 24 hours to $511 million, indicating a significant decline in the activity of short-term traders and a more complex wait-and-see phase in the market. This decline is also reflected in the price action, where short-term momentum is waning, making the market more cautious about SUI’s short-term direction, although the long-term structure remains favorable for the bulls.
At a time when market activity is slowing down, the SUI ecosystem has ushered in a favorable critical infrastructure. SUI officially announced that ZenLedger has been integrated into the network to provide users with automated tax processing, accounting tools, and audit compliance processes. The service covers more than 300 exchanges and 40 blockchains, making it one of the most comprehensive financial reporting solutions for current SUI users. This move targets the complex tax filing problem that has long plagued crypto traders, laying the foundation for SUI to attract a wider range of retail and institutional investors.
Despite the positive progress in ecological construction, short-term data presents mixed signals. SUI’s total DeFi value locked has decreased slightly by 1% in the past 24 hours, maintaining at $923 million, indicating stable funds but not expanding. The scale of lock-up is still considerable, which strengthens the confidence of long-term holders, but the incremental funds of the overall ecosystem have not yet returned.
On the other hand, institutional activity has increased. Since the announcement of the ZenLedger integration, SUI’s open interest surged by $15 million in a single day, climbing its network-wide open interest to $747.78 million. This indicates that institutional funds are responding to ecological upgrades or accumulating potential for future fluctuations.
Currently, SUI is at the intersection of improving fundamentals and declining trading activity. Whether the addition of ZenLedger can improve user engagement and reduce operational friction will be an important variable in future market sentiment. If spot trading volume recovers or new liquidity injects in, SUI’s short-term trend may be boosted. Overall, the long-term outlook for SUI remains bullish, but the market is still waiting for a clearer catalyst to emerge.
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