Sui Surges 30% to $3.0033 on Memecoin Frenzy and Fed Rate Speculation

Sui (SUI) experienced a significant surge, reaching an intraday high of $3.0033 on April 23, 2025, before retreating below the $3 mark. This 30% increase was driven by heightened network activity and a broader rally in memecoins, sparking speculation about whether SUI can maintain its momentum and surpass the $3 threshold.

The market capitalization of SUI neared $9.5 billion, and the broader crypto market is riding a wave of optimism following discussions about reduced Fed rates and potential tariff reductions on China. The surge in SUI’s price is attributed to the memecoin frenzy on the Sui network, with memecoins like LOFI and BLUB seeing substantial growth. LOFI increased by 126% and BLUB by 73% in just a week, driving unprecedented engagement and trading activity.

This surge in activity is supported by significant on-chain growth, with active accounts increasing from 655,000 in mid-February to 1.71 million by mid-April, a 2.6x increase. New accounts surged even more dramatically, from 201,000 to 1.72 million in the same period, reflecting a massive influx of users drawn to Sui’s DeFi and NFT ecosystems. The stablecoin supply on the Sui network also hit an all-time high of $881 million, signaling a flood of liquidity ready to be deployed, which is a critical driver for further growth and adoption.

Beyond the network’s internal dynamics, broader market conditions have also played a pivotal role. The easing of US-China trade tensions, with President Trump announcing a possible substantial reduction in tariffs, has injected optimism into risk assets, including cryptocurrencies. Bitcoin’s rally past $94,000, buoyed by record inflows into Bitcoin ETFs, further amplifies this bullish sentiment, creating a favorable environment for altcoins like SUI to thrive.

From a technical perspective, SUI’s price action is equally compelling, with the token breaking out of a falling wedge pattern on the daily chart after four months of consolidation. This breakout is a classic bullish signal, indicating a reversal from the previous downtrend and setting the stage for further gains. The price has surged past key moving averages, including the 21-day and 50-day, and is now eyeing the 200-day moving average around $3.1727 as its next target.

The recent jump from $2.1679 to $2.9020 was backed by a robust trading volume, underscoring the strength of this move. For the rally to continue, bulls must defend the $2.85 support level, which is crucial for maintaining the uptrend. If they succeed, the next resistance zones at $3.08 and $3.25 come into play, with $3.10 being particularly significant as it would complete a cup and handle pattern, potentially propelling SUI toward $5.00.

The technical setup is further bolstered by the network’s strong fundamentals, including a multi-month high in total value locked (TVL) at 2.5 billion SUI and a thriving ecosystem with projects like Cetus and NAVI Protocol. As SUI rides this wave of momentum, the question on everyone’s mind is whether it can sustain this trajectory and soar past $3, potentially retesting its all-time high of $5.35.