SUI Surges 31% as Memecoin Craze Drives Crypto Bull Run
2min read Sui, a rising star in the crypto world, has recently captured investors’ attention with a significant price surge. The sui price experienced a massive rally of over 31% in the last 24 hours, breaking through the $2.90 price level. This substantial price increase marks one of the strongest performances among altcoins, indicating a bullish trajectory fueled by a memecoin craze and a robust network, which suggests further bullish potential in the coming days.
The current bullish run of SUI in the crypto market is closely linked to the explosion of memecoins developed on the SUI blockchain. Several memecoins on its blockchain, such as the community-driven token LOFI, skyrocketed by 14% within a week, while BLUB made a 57% increase over the same period. DeepBook (DEEP), a memecoin listed on a major exchange, rallied by 97% from $0.0842 to $0.166 following its introduction. This wave of new token launches has significantly contributed to a surge in transaction volume and overall usage of the SUI network, resulting in SUI price appreciation and increased demand, driving a positive feedback loop of growth and investor interest.
The SUI bullish breakout is impressive and is driven by on-chain fundamentals that highlight the rapid adoption of the SUI blockchain. Since February, the number of active user addresses has increased tenfold, jumping from under 200,000 to over 2 million by mid-April. During the past week alone, the platform’s user base went up by 7.05%. The total value locked (TVL) on SUI has reached $1.53 billion, indicating a substantial capital commitment across its decentralized applications (dApps). Stablecoin holdings on the platform hit a record high of $880 million on April 21, with predictions suggesting the $1 billion milestone could soon be crossed.
Ask Aime: What factors contribute to SUI's recent surge in price?
From a technical analysis perspective, SUI has broken out of a descending price channel that has defined its movement since December 2024. Analysts have pointed out a SUI bullish breakout reversal, which is confirmed by strong trading volume and demand at key support zones. A falling wedge pattern is often termed as a precursor to a bullish momentum. If SUI maintains support above $2.20, analysts say that the token could rapidly target resistance levels at $4.20 and $4.50. As illustrated in the chart, a confirmed breakout beyond $4.50 may open the door to the next psychological barriers at $5.10. Currently, SUI is trading at $2.8791, reflecting a gain of $0.2099. The RSI currently reads 73.58, suggesting an overbought condition but also reflecting a strong bullish sentiment. The recent formation of a higher low at $1.71 adds weight to the view that a new upward move may start.
The OI-weighted funding rate, which has been in negative territory, has now moved into neutral and slightly positive levels, reflecting a shift in sentiment among derivatives traders. This SUI bullish rally coincides with a more favorable macroeconomic outlook in the crypto market. Hints of easing trade tension, coupled with investor expectations for more accommodative monetary policy, have helped improve the risk. Despite the surge, the Fear & Greed Index for crypto is in the “fear” zone at 39, indicating room for more sentiment improvement and macro conditions to improve.
