Sui maintains bullish trend, stablecoin supply approaches ATH

Sui is riding a wave of bullish momentum as its native ecosystem metrics surge, with the stablecoin market cap once again approaching its recent all-time high.

Sui (SUI) has climbed nearly 29% in the past week and 70% over the last 14 days, outperforming the broader crypto market, which gained just 1.3% in the same timeframe This rally comes as activity on the Sui network shows steady growth. As per DeFiLlama data, the total stablecoin market cap on Sui has rebounded to $886 million, just $2 million short of its all-time high set earlier this week.

In the past year, stablecoin inflows into the network have been rising. According to an Apr. 28 post on X by on-chain analyst Torero Romero, 29% of Ethereum (ETH) outflows through the Wormhole Bridge over the past year have been directed to Sui. This establishes the network as a growing alternative layer-1, despite Ethereum’s continued dominance and a robust developer ecosystem

Meanwhile, the network’s total value locked has risen to $1.78 billion, getting closer to its peak of $2.08 billion in January. Sui-based decentralized exchanges are also seeing rising momentum. Weekly DEX volume hit $3.64 billion last week, marking a 75% increase from the $2.08 billion recorded the week before.

SUI is currently trading at $3.56 after recently breaking out from consolidation. Strong bullish momentum is indicated by SUI consistently closing above the upper Bollinger Band. Bullish conviction is confirmed by the price action being well above the 50-day moving average of $2.70 and the rising volume supporting the recent green candles.

Sui price analysis. Credit: crypto.newsAt 76, the relative strength index shows that the market is overbought. This does not necessarily indicate a reversal of the trend, but rather a potential short-term cooling. The next psychological level is close to $4.50 if bulls break through the resistance at $3.95.

Support on the downside is located at $2.70 and $3.51. A deeper retracement towards the $2.00–$2.20 range might be triggered by a break below these.