Sui Network's Stablecoin Market Cap Surpasses $1.13 Billion Despite SUI Price Lag

The Sui Network has seen a significant increase in activity, with its stablecoin market cap surpassing that of several other major networks combined. As of the latest data, SUI's stablecoin market cap stands at $1.13 billion, which is higher than the combined total of Near Protocol, Sei Network, Berachain, Polkadot, and Cardano. This dominance in stablecoin liquidity underscores the network's growing influence and utility within the blockchain ecosystem.

Despite this surge in activity, the price of SUI has not kept pace. The token's price action has failed to break and stay above the $3.50 mark, indicating a disconnect between the network's performance and its token's valuation. This price correction suggests underlying weaknesses that need to be addressed for SUI to regain its momentum.

The Sui Network's appeal lies in its fast processing speeds and growing decentralized finance (DeFi) activities, which are challenging other major layer-one blockchains like Solana. The network's ability to support thousands of transactions per second makes it an attractive option for users seeking efficient and seamless interactions. However, the competitive landscape within the blockchain ecosystem is fierce, and other networks with similar capabilities may be capturing a larger share of the market.

One possible explanation for the lag in SUI's price is the broader market dynamics. The cryptocurrency market is known for its volatility, and external factors such as regulatory developments, macroeconomic trends, and investor sentiment can significantly impact token prices. Additionally, the presence of other high-performing altcoins in the market may be diverting attention and investment away from SUI, despite its technical advantages.

The dApp ecosystem on the Sui Network is also picking up, with several top-performing applications generating significant revenue. Over the last 24 hours, the top five dApps on the network generated a combined revenue of $77,000, highlighting the growing utility and user base of the Sui Network. This convergence between high stablecoin liquidity and increasing protocol revenues suggests that the network's fundamentals are strong and that its growth may not slow down anytime soon.

Moreover, the total number of accounts on the Sui Network has shown steady growth since April 2025. From 124.3 million accounts on April 5th, the number rose to 190.6 million by May 12th and reached 208.8 million by June 14th. This consistent growth, with no substantial declines, affirms that the adoption of the Sui Network is solid and persistent, setting another all-time high in terms of total addresses.

Despite the growth in chain activity, the price of SUI has been correcting lower to a major demand area around $2.80-$3.00 after losing its pace over the $3.50 resistance. The rejection at around $4.00 earlier in the month of May confirmed the falling trend, and SUI found itself at a crossroad. The MACD histogram continued to be negative and the MACD line was below the signal line, indicating a bearish momentum. However, provided that the $3 support level held, SUI could attempt a recovery to around $3.50. Alternatively, a breakdown would put a route to retest support at around $2.50.

Higher lows were still being honored by the daily structure, but recent candles showed a sign of more selling pressure. To the bulls, it was critical to hold the $2.80-$3.00 area. It had a bullish divergence on the MACD which could confirm a bounce. On the other hand, the further rejection at the $3.20 level and another unsuccessful MACD crossover may drive the trend downwards. Momentum has to change in order to see SUI attacking the $3.50 resistance once more.

In conclusion, while the Sui Network's activity has been booming, the lag in SUI's price performance highlights the complex interplay of factors influencing token valuations. The network's technical advantages, competitive landscape, broader market dynamics, and regulatory environment all contribute to the current situation. As the cryptocurrency market continues to evolve, it will be essential for the Sui Network to address these challenges and capitalize on emerging opportunities to drive sustained growth and value for its token.