SUI Price Analysis: On-Chain Growth Ignites Breakout Potential

The Sui (SUI) network is capturing significant attention from traders and analysts alike, with its native token demonstrating formidable strength amid a dynamic market. On Monday, SUI posted a notable 3.85% gain over a 24-hour period, with its price reaching $3.1110. This upward momentum was part of a sustained multi-hour uptrend that saw the token decisively break through several key resistance levels. The session high was marked at $3.1554 before the price found stability just above the $3.11 mark, a move underpinned by robust trading volume that signals strong buyer conviction. This price action suggests a potential consolidation phase before another leg up, as early accumulation appears to be taking place.

Fueling this bullish sentiment are impressive on-chain fundamentals, as highlighted by prominent crypto analyst Michaël van de Poppe. In a recent analysis, he described SUI as a "super interesting as an ecosystem," pointing to explosive growth metrics that are hard to ignore. According to his findings, the stablecoin supply circulating on the Sui network has surged from $400 million in January to nearly $1.2 billion. This tripling of stablecoin presence in just a few months indicates a massive influx of capital and liquidity into the ecosystem. Furthermore, the Total Value Locked (TVL) on Sui has climbed to an impressive $1.8 billion, positioning it as the third-largest non-EVM chain by this metric. This rapid expansion is also reflected in user adoption, which has been accelerated by key integrations like the Phantom wallet and the launch of Slush, the network's rebranded native wallet.

DeFi Momentum and Key Technical Levels

The growth story extends deep into Sui's decentralized finance (DeFi) sector. SuiLend, the protocol's premier lending platform, has experienced a staggering 90% increase in its TVL over the past month alone, now commanding over $600 million. Van de Poppe emphasized that this combination of fundamental on-chain growth and previously bullish chart patterns could set the stage for a powerful breakout. He identified the $3.30 price level as the critical resistance to watch. A decisive close above this zone would tap into a significant liquidity pool, potentially sparking a sharp rally toward new all-time highs. Traders are closely monitoring this level as a key trigger for long positions.

A closer look at the intraday technicals confirms the bullish narrative. During the analysis period, SUI traded within a range of $2.9742 and $3.1554, a 6.09% move that provided ample opportunity for short-term traders. Significant accumulation was visible between 01:00 and 07:00 GMT, with trading volume exceeding 12 million units. The breakout was confirmed around 13:56 GMT when SUI surged past the $3.12 resistance on a volume spike of over 1 million units in a short timeframe. Following this push, the price established a new support base around $3.12, with subsequent price action showing higher lows and suggesting that momentum remains with the buyers.

While SUI charts a bullish course, the broader altcoin market presents a more mixed picture. Solana (SOL), another leading Layer 1, saw its price retract by approximately 2.98% to trade around $148.09 on the SOL/USDT pair. Similarly, Cardano (ADA) experienced a minor pullback of about 0.65%, with its ADA/USDT price at $0.5829. Against Bitcoin, both assets showed weakness, with SOL/BTC and ADA/BTC pairs declining. However, both SOL and ADA posted gains against Ethereum, with the SOL/ETH and ADA/ETH pairs rising 2.59% and 1.83% respectively, suggesting relative weakness in ETH. SUI's isolated strength in this context makes it a standout performer, indicating that its rally is driven by ecosystem-specific catalysts rather than just broad market sentiment. Traders should continue to watch SUI's on-chain metrics and the pivotal $3.30 resistance as key indicators for its next major move.