Other contenders in the cryptocurrency space have shown exceptional growth; foremost among them is Sui (SUI), which has surged significantly recently. SUI’s price has grown by an astonishing 73% over the last week, leading the charge for ‘cryptos’ over the rest of the market and outperforming all other cryptocurrencies within the top 100 by market capitalization.
This growth comes on the heels of a single-day 23% surge, which propelled the price to $3.67 on April 25, igniting hopes of unprecedented high valuations for the layer-1 blockchain.
Fueling the Ascent: Institutional Confidence and Strategic Partnerships
SUI’s remarkable price increase is attributed to a sharp increase in investor confidence due to two major reasons. First, the recent launch of Grayscale SUI Trust, an investment vehicle that enables accredited investors to gain exposure to SUI within a more traditional financial framework, has certainly helped. This move by a major institutional player signals declining reluctance from more prominent circles to invest in SUI.
SUI is further riding the wave created by Grayscale’s trust with its strategic partnership with xPortal and xMoney.
This partnership will launch a virtual Mastercard backed by SUI, enabling mobile payment access via Apple Pay and Google Pay for 2.5 million users across Europe to spend the token at over 20,000 merchants. The use of SUI in this context marks a critical milestone toward widespread acceptance and demonstrates the token’s value beyond speculative investment.
“Out of Stealth Mode”: A New Era for SUI.
Pseudonymous analyst Kyledoops captured the market’s sentiment with an upbeat post on X proclaiming, “SUI’s officially out of stealth mode.” The analyst listed several positive fundamental drivers of the price increase, including the launch of the Grayscale Trust, the social media frenzy around SUI, and the previously mentioned accumulation above AVAX and LINK by market cap. Kyledoops noted that the acceleration in momentum is ‘real’ and ‘real’ and ‘…Wall Street is entering the SUI zone…’ and indicated it is not ‘just retail hype.’
DeFi Ecosystem Growth: A Foundation of Value.
Aside from the institutional focus and tactical alliances, SUI’s expanding decentralized finance (DeFi) ecosystem is also providing the positive fundamentals of the asset’s bullish outlook.
Sui still ranks among the top 10 layer-1 blockchains by total value locked (TVL). Currently, there is over $1.65 billion secured on the network. SUI’s TVL, in particular, is up roughly 40% in the last week alone, showing increased activity and capital inflow into its DeFi protocols. This increase in DeFi activity further enhances the SUI token’s fundamental value proposition.
The growth of SUI’s daily volume on decentralized exchanges (DEX) is also telling of its rising market interest. SUI’s DEX volumes during the past week were up over 177%, far greater than the increases on other major layer-1s like BNB Chain and Solana. While Ethereum still holds the top spot for DEX volume, its figures actually declined over the same period, marking yet another SUI growth highlight.
SUI’s price action gained considerable momentum from a “falling wedge” breakout on the daily timeframe, while SUI was also able to breach a multi-month resistance trendline around $2.20, reaching the technical target of $3.30. With this target accomplished, bulls are eyeing the all-time high of $5.35, which was set on January 6th.
The relative strength index (RSI) alongside the bullish price action has increased from 45 on April 20th to 78, further corroborating the strength of the bullish momentum. Analysts, however, believe that for SUI to sustain this rally and capture new all-time highs, the SUI price must first clear the resistance zone between $4.50 and $5.10 and the price discovery phase.
Capturing the attention of the bullish analysts even more, pseudonymous analyst Bitcoinsensus, using Elliott Wave analysis on the weekly chart, has placed a “massive” long-term target of $11.50 for SUI, suggesting high upside potential.
