The Sui blockchain is demonstrating significant strength, bucking broader crypto market trends as key network indicators climb. Notably, its stablecoin market capitalization is nearing a previously established peak, signaling robust ecosystem health.
Over the last two weeks, the native SUI token has surged approximately 70%, significantly outpacing the general cryptocurrency market’s modest 1.3% gain in the same period. This impressive performance coincides with expanding activity within the Sui ecosystem. Data from DeFi tracking platforms shows the total value of stablecoins on Sui has climbed back to $886 million, just shy of its all-time high recorded earlier this week.
Stablecoin presence on the network has seen consistent growth over the past year. On-chain data analysis highlights a notable trend: nearly 29% of Ethereum funds exiting via the Wormhole Bridge over the past 365 days have migrated to the Sui network. This positions Sui as an increasingly relevant destination for capital flows seeking alternative layer-1 blockchain solutions, despite Ethereum’s established dominance.
Network growth isn’t limited to stablecoins. Sui’s total value locked (TVL) in DeFi protocols has reached $1.78 billion, edging closer to its January peak of $2.08 billion. Decentralized exchanges (DEXs) built on Sui are also experiencing heightened activity, with weekly trading volume hitting $3.64 billion recently – a 75% jump from the prior week’s $2.08 billion.
From a technical perspective, SUI currently trades around $3.56, having recently broken out of a consolidation pattern. The token’s price consistently closing above the upper Bollinger Band suggests strong upward momentum.
[Sui price analysis chart]
This bullish sentiment is further supported by the price remaining comfortably above its 50-day moving average of $2.70, alongside increasing volume accompanying recent price gains.
However, the Relative Strength Index (RSI) sits at 76, indicating potentially overbought conditions. While this doesn’t guarantee a trend reversal, it could signal a period of consolidation or a minor pullback in the near term. Should buyers maintain control and push past the $3.95 resistance level, the next significant psychological target lies near $4.50.
Key support levels to watch on the downside are found at $3.51 and $2.70. A failure to hold these levels could potentially open the door for a more substantial correction towards the $2.00–$2.20 zone.