Sui is a rising star in the crypto world that has captured investors’ attention. SUI price recently had a massive surge of over 31% in the last 24 hours, breaking the price level of $2.90. This significant price hike marks one of the strongest performances of altcoins. This bullish trajectory of SUI in the crypto market is fueled by a memecoin craze and its robust network, which suggests further bullish potential in the coming days.
Memecoins Powering Network Adoption
The current SUI bullish run in the crypto market is closely linked to the explosion of a memecoin developed on the SUI blockchain. There are many memecoins on its blockchain, such as the community-driven token LOFI skyrocketed by 14% within a week, while BLUB made a 57% increase over the same period. DeepBook (DEEP), a memecoin listed on South Korea’s major exchange Upbit, rallied by 97% from $0.0842 to $0.166 following its introduction. This wave of new token launches has hugely contributed to a surge in transaction volume and overall usage of the SUI network, which has resulted in SUI price appreciation and increased demand, driving a positive feedback loop of growth and investor interest.
On-Chain Metrics Reflect Ecosystem Strength
The SUI bullish breakout is impressive and is caused by the on-chain fundamentals that highlight the rapid adoption of the SUI blockchain. Since February, the number of active user addresses has increased tenfold, jumping from under 200,000 to over 2 million by mid-April. During the past week alone, the platform’s user base went up by 7.05%. The total value locked (TVL) on SUI has reached $1.53 billion, which indicates a substantial capital commitment across its decentralized applications (dApps). Moevoer stablecoin holdings on the platform hit a record high of $880 million on April 21, with predictions suggesting the $1 billion milestone could soon be crossed.
Technical Analysis: Breakout Signals Bullish Reversal
From a SUI technical analysis perspective, it has broken out of a descending price channel that has defined its movement since December 2024. According to the analyst, they have pointed out a SUI bullish breakout reversal, which is confirmed by strong trading volume and demand at key support zones. A falling wedge pattern is pointed out on the Chart 1 of SUI, often termed as a precursor to a bullish momentum. If SUI maintains support above $2.20, analysts say that the token could rapidly target resistance levels at $4.20 and $4.50.
A confirmed breakout beyond $4.50 may open the door to the next psychological barriers at $5.10. Currently, SUI is trading at $2.8791, reflecting a gain of $0.2099. Now, further understanding the price of SUI according to the technical indicator, the RSI currently reads 73.58, suggesting an overbought condition but also reflecting a strong bullish sentiment. The recent formation of a higher low at $1.71 adds weight to the view that a new upward move may start.
Market Sentiment and Macro Conditions
SUI technical analysis gave a better insight into the SUI price. The OI-weighted funding rate, which has been in negative territory, has now moved into neutral and slightly positive levels, reflecting a shift in sentiment among derivatives traders. This SUI bullish rally coincides with a more favorable macroeconomic outlook in the crypto market. Hints of easing trade tension between the US and China, coupled with investor expectations for more accommodative monetary policy, have helped improve the risk. Despite the surge, the Fear & Greed Index for crypto is in the “fear” zone at 39, indicating room for more sentiment improvement and macro conditions to improve.
Source: Coinfomania / Digpu NewsTex