TLDR
- SUI price has broken through key resistance level of $2.45
- The token has rallied over 70% in a week, trading at $3.55
- Total Value Locked (TVL) increased by 38% in a week, reaching $1.641 billion
- 24-hour DEX volume saw a 177% increase from last week, now at $599 million
- Analysts project SUI could reach between $3.8-$4 in May, with longer-term targets at $10
SUI, the native token of the layer-1 blockchain Sui, has experienced a major price breakout in recent days. The token has broken through a critical resistance level of $2.45, signaling a shift toward bullish momentum. This breakout has been accompanied by increasing trading volume and strong technical indicators.
The token is currently trading at $3.55, marking gains of over 17% in a single day. On a weekly basis, SUI has rallied by nearly 70%, outperforming major cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana.
Market participants are showing growing confidence in SUI as evidenced by the increasing open interest in SUI contracts. According to recent market data, SUI open interest grew by 21.74%, with new positions opening as market participation increased, reaching $488.6 million in 24 hours.
This rising participation suggests bullish momentum for the token. The market trades SUI primarily through perpetual contracts, indicating that investors expect prices to continue growing.
Network Growth Fuels Price Surge
On-chain metrics indicate that the crypto’s price rally is backed by robust statistics regarding the Total Value Locked (TVL), DEX Volume, and stablecoin growth on the network.
The network’s TVL increased by 38% over the week while surging nearly 7% in a day to reach $1.641 billion. This growth shows that more assets are being locked into the Sui ecosystem, a positive sign for the token’s value.
The 24-hour DEX volume saw a staggering 177% increase from last week, now resting at the $599 million mark. This surge in trading activity reflects increased interest and participation in the Sui network.
Stablecoins on Sui have also witnessed robust growth over the past two months, increasing from $482 million to $879 million, marking an 82% rise. This growth in stablecoin usage within the network highlights increased capital inflows, further supporting the price rally.
The derivatives market for SUI is also showing strong signs of interest, with SUI’s futures open interest surging 24% to $1.51 billion. The crypto’s derivatives market volume saw a 37% increase to $10.90 billion.
Technical Analysis Points to Further Gains
Technical analysis suggests that SUI has completed an inverse head-and-shoulders pattern, which is typically an indication of a bullish reversal. Market momentum shifted upward after the price broke above the pattern’s neckline, indicating a move away from the previous downtrend.
The Relative Strength Index (RSI) is bullish, and the asset is not yet oversold. This supports the uptrend and indicates that the trend can continue to rise without immediately reversing.
Analyst Trader Edge suggests that price is approaching a major resistance at $4 and advises not to chase the pump.
$SUI Chart 🔥
Don't chase the pump…price is nearing resistance at $4.
Wait for a pullback, $2.80 should provide a good level of support! pic.twitter.com/2fPlDQW4UU
— Trader Edge (@Pro_Trader_Edge) April 25, 2025
According to analyst TedPillows, the current positive market trend suggests SUI’s price will likely hit between $3.8 and $4 in the near future. This target is 30-40% higher than its previous value of $2.88.
$SUI just had a massive daily breakout 🚀
I told you last month that the $SUI breakout is just a matter of time.
Now, it has broken above its crucial resistance level and is heading higher.
If the market momentum remains positive, SUI could hit $3.8-$4 in May. pic.twitter.com/4O7RArT7tj
— Ted (@TedPillows) April 23, 2025
Another market analyst, CryptoMichNL, says SUI will reach new highs again and suggests that a new all-time high will be achieved within the next quarter.
Long-Term Outlook and Institutional Interest
Looking further ahead, some forecasts project that SUI could surge by 229% to $9.84 by May 22, 2025. Market analyst SolbergInvest also believes SUI could reach $10 within the next year, citing consistent upward momentum and growing investor confidence.
The Fear and Greed Index currently reads 72 (Greed), reflecting the overall bullish sentiment in the market. SUI has recorded 14 green days (47%) over the past month, with volatility at 7.81%.
Further bolstering sentiment, 21Shares has registered a new SUI-focused exchange-traded fund (ETF) in Delaware. This follows Canary Capital’s filing to establish a trust entity for its proposed Canary SUI ETF, potentially setting the stage for regulatory approval by the U.S. Securities and Exchange Commission (SEC).
The potential introduction of SUI-focused ETFs could bring increased institutional interest to the token, potentially driving further price appreciation in the future.
SUI price has broken through key resistance at $2.45, rallying over 70% in a week with strong network growth metrics supporting its rise to $3.55.
