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% during the last 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 progress. As per DeFiLlama information, the entire stablecoin market cap on Sui has rebounded to $886 million, simply $2 million in need of its all-time excessive set earlier this week.
Previously 12 months, stablecoin inflows into the community have been rising. In keeping with an Apr. 28 put up on X by on-chain analyst Torero Romero, 29% of Ethereum (ETH) outflows by means of the Wormhole Bridge over the previous 12 months have been directed to Sui. This establishes the community as a rising different layer-1, regardless of Ethereum’s continued dominance and a sturdy developer ecosystem.
In the meantime, the community’s whole 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 at present buying and selling at $3.56 after lately breaking out from consolidation. Robust bullish momentum is indicated by SUI constantly closing above the higher Bollinger Band. Bullish conviction is confirmed by the value motion being effectively 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 pattern, however reasonably a possible short-term cooling. The subsequent psychological degree is near $4.50 if bulls break by means of the resistance at $3.95.
Help 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 perhaps triggered by a break under these.
