After SUI's launch, it indeed had its moment of glory, but I've recently noticed some concerning signs.

Looking at transaction data makes it clear — over the past three years, SUI's total DEX volume in high-trading-density areas has been on a slow decline. What does this reflect? Insufficient momentum in ecosystem development. Looking at this recent downturn, SUI's decline far exceeds SOL and ETH, and is even on par with legacy public chains like AVAX. That's somewhat embarrassing for a project that touts innovation. Such a sharp drop actually deters people who wanted to buy the dip.

There's an even more painful issue — unlock pressure remains unresolved, token supply is too large, and it always feels like it could become an early investors' cash-out machine any day. Once that happens, SUI will likely continue falling further.

I bought SOL around 127 recently. In comparison, SOL's ecosystem stability, user stickiness, and continuity of on-chain transaction volume are all stronger than SUI's current state. SUI's sharp decline this time is essentially because its fundamentals weren't repaired during the last minor bull run, so the token performance obviously can't look good.

If I plan to enter SUI later, I'll wait. Either wait for its fundamentals to truly improve, or wait for the project team to deliver substantial innovative applications, then gradually build positions with DCA. No rush.