Sui is driving a wave of bullish momentum as its native ecosystem metrics surge, with the stablecoin market cap as soon as once more approaching its latest all-time excessive.
Sui (SUI) has climbed almost 29% previously week and 70% over the past 14 days, outperforming the broader crypto market, which gained simply 1.3% in the identical timeframe. This rally comes as exercise on the Sui community reveals regular development. As per DeFiLlama knowledge, the full stablecoin market cap on Sui has rebounded to $886 million, simply $2 million in need of its all-time excessive set earlier this week.
Prior to now yr, stablecoin inflows into the community have been rising. In response to an Apr. 28 publish on X by on-chain analyst Torero Romero, 29% of Ethereum (ETH) outflows via the Wormhole Bridge over the previous yr have been directed to Sui. This establishes the community as a rising various layer-1, regardless of Ethereum’s continued dominance and a sturdy developer ecosystem.
In the meantime, the community’s complete worth locked has risen to $1.78 billion, getting nearer to its peak of $2.08 billion in January. Sui-based decentralized exchanges are additionally seeing rising momentum. Weekly DEX quantity hit $3.64 billion final week, marking a 75% enhance from the $2.08 billion recorded the week earlier than.
SUI is presently buying and selling at $3.56 after lately breaking out from consolidation. Robust bullish momentum is indicated by SUI persistently closing above the higher Bollinger Band. Bullish conviction is confirmed by the worth motion being properly above the 50-day transferring common of $2.70 and the rising quantity supporting the latest inexperienced candles.
At 76, the relative energy index reveals that the market is overbought. This doesn’t essentially point out a reversal of the development, however somewhat a possible short-term cooling. The subsequent psychological degree is near $4.50 if bulls break via the resistance at $3.95.
Assist on the draw back is positioned at $2.70 and $3.51. A deeper retracement in direction of the $2.00–$2.20 vary is likely to be triggered by a break beneath these.