Sui’s Surge: Ecosystem Thrives as Stablecoin Market Cap Nears Record High
Sui (SUI) is experiencing a significant uptick, with its native ecosystem metrics showing robust growth. In the past week, SUI has risen nearly 29%, outpacing the broader crypto market’s 1.3% gain.This surge is driven by increased activity on the Sui network.
According too DeFiLlama data, the total stablecoin market cap on Sui has reached $886 million, just $2 million shy of its all-time high. Over the past year, stablecoin inflows into Sui have been on the rise. On-chain analyst Torero Romero noted that 29% of Ethereum outflows via the Wormhole Bridge have been directed to Sui, highlighting its growing appeal as an option layer-1 platform.
The network’s total value locked has climbed to $1.78 billion, nearing its January peak of $2.08 billion. Sui-based decentralized exchanges are also gaining traction, with weekly DEX volume hitting $3.64 billion last week—a 75% jump from the previous week.
SUI is currently trading at $3.56, breaking out of its consolidation phase. The price action above the upper Bollinger Band and the 50-day moving average of $2.70 indicates strong bullish momentum. However, with a relative strength index of 76, the market is overbought, suggesting a potential short-term cooldown.
Key levels to watch include resistance at $3.95 and support at $2.70 and $3.51. If bulls push through $3.95, the next target could be $4.50. A break below support might lead to a deeper retracement towards the $2.00–$2.20 range.
