SUI has fallen 1.7% in the past 24 hours, with a bearish sentiment dominating the market. But from a deeper perspective, the project's fundamentals are quietly improving.

Institutional funds are accelerating their entry. Major players like Bitwise and Grayscale are applying for SUI spot ETFs, which indicates increasing recognition from the mainstream financial world. Once the ETF is approved, the inflow of funds could far exceed current expectations.

Ecosystem development has not stopped. Integration with Google Cloud and Microsoft Fabric has been implemented, which is not just surface-level cooperation but also significantly enhances SUI's practical application value. The newly launched suiUSDe further expands the ecosystem's use cases, especially in exploring AI directions.

The performance of DEXs is particularly impressive—SUI leads non-EVM chains with a trading volume of 18.65 billion since the beginning of the year. This indicates active real users on this chain, with fast transaction speeds and low costs translating into genuine trading volume.

Of course, risks are also present. About 63% of SUI tokens are still locked, with over 55.3 million SUI (0.55% of total supply) set to unlock on January 1, 2026. Although this unlock percentage isn't huge, it could create supply pressure in the short term. On the technical side, the RSI indicator shows insufficient buying momentum, and attention is needed to see if the subsequent price rebound can break above key support levels.

Trading concentration remains at a medium-low level, meaning there is no obvious risk of price manipulation, but broader attention is needed to drive the next wave of market movement. The community remains optimistic about SUI's long-term prospects, generally positive about its technical foundation and ecosystem development potential.