Sui's Explosive Growth: Stablecoins Soar and Investors Cash In!

Sui's Market Surge: 70% Gains in Two Weeks

Sui is absolutely crushing it right now! The native ecosystem is on fire, with the stablecoin market cap skyrocketing, nearly hitting its all-time high again. Sui (SUI) has shot up nearly 29% in just the last week and a whopping 70% over the past 14 days, leaving the broader crypto market in the dust with its measly 1.3% gain. The rally is fueled by a surge in activity on the Sui network, and according to DeFiLlama, the total stablecoin market cap on Sui has bounced back to a staggering $886 million, just $2 million shy of its record set earlier this week.

Stablecoin Inflows Soar, Ethereum Outflows Flock to Sui

The past year has seen a flood of stablecoin inflows into the Sui network. On-chain analyst Torero Romero dropped a bombshell on X, revealing that a massive 29% of Ethereum (ETH) outflows through the Wormhole Bridge over the past year have been redirected to Sui. This is huge news, cementing Sui's status as a rising star among layer-1 blockchains, even as Ethereum continues to dominate with its robust developer ecosystem.

It's clear as day: $SUI is pulling in nearly a third of Ethereum's outflows over the past 365 days. This is not just a trend; it's a full-blown migration!

Total Value Locked and DEX Volumes Hit New Heights

The Sui network's total value locked has climbed to an impressive $1.78 billion, inching closer to its January peak of $2.08 billion. Sui-based decentralized exchanges are also riding this wave of momentum. Last week's DEX volume hit a mind-blowing $3.64 billion, a massive 75% jump from the $2.08 billion the week before. The numbers don't lie; Sui is on a tear!

SUI Price Breaks Out: Bullish Momentum Confirmed

SUI is currently trading at $3.56, fresh off a breakout from consolidation. The bullish momentum is off the charts, with SUI consistently closing above the upper Bollinger Band. The price action is well above the 50-day moving average of $2.70, and the rising volume is backing up those juicy green candles. It's clear that the bulls are in control!

Overbought Market: Next Target $4.50

At 76, the relative strength index is screaming overbought, but don't let that scare you off. This doesn't mean the trend is about to reverse; it just might cool off a bit in the short term. The next big psychological level is $4.50, and if the bulls can break through the resistance at $3.95, watch out!

Support Levels and Potential Retracement

On the downside, support is holding strong at $2.70 and $3.51. But if things take a turn for the worse and we break below these levels, buckle up for a potential deeper retracement towards the $2.00–$2.20 range.