- Sui’s developer growth hit 54%, defying a 20% contraction in the broader crypto market
- Sui’s yearly developer growth of 16.1% puts it in direct competition with top rival Solana
- The SUI token price is down 49% from its all-time high, creating a disconnect with developer growth
The Sui blockchain is presenting a stark paradox to the crypto market: while its developer community is experiencing explosive growth that defies the industry’s downturn, its native SUI token has failed to capture similar momentum, struggling to regain its footing.
This divergence between fundamental ecosystem health and market valuation tells two very different stories about the high-performance Layer 1 network.
Developer Growth Defies a Shrinking Market
Data highlights an impressive surge in developer activity on Sui. Over the past two years, the project’s developer community has expanded by 54%. This stands in sharp contrast to the broader crypto market, which saw its total number of active developers decline by 20% over the last year.
Sam Blackshear, the co-founder and CTO of Mysten Labs, emphasized this trend, noting that virtually all major Ethereum Virtual Machine (EVM) based Layer 1 chains have seen negative developer growth in the same period.
Related: Sui Blockchain Fast-Tracks Whitelist Function After Messy CETUS DEX Hack
Sui’s year-on-year growth of 16.1% places it in direct competition with top rival Solana, which grew at 17.7%. This ability to attract and retain builders in a bear market underscores the perceived strength of Sui’s technology and community engagement efforts.
SUI Token Disconnects From Fundamentals
While developers flock to build on Sui, the SUI token tells a different story. Currently trading at approximately $2.74, the token has struggled to reclaim the bullish trajectory it held earlier in the year.
After reaching a peak of $3.50, the token has experienced a 15.5% drop over the past 30 days and remains nearly 48% below its all-time high of $5.20. Despite a 1.4% increase in the past 24 hours, market pressures continue to weigh on the token’s price.
Related: Here’s Why SUI Could Be The New Solana of This Cycle
Crypto analyst Rose Premium Signals noted that SUI recently reversed at the 0.786 Fibonacci retracement level, signaling a potential shift in its price trend. The token’s price structure is still rising, which remains favorable for a bullish short-term outlook.
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