Can Sui Crypto Catch A Bullish Break As Stablecoin Marketcap Soars?

SUI crypto was one of the fasted growing top coins in 2024 and that growth was largely a reflection of its aggressive network growth.

But how has this network and native coin been doing under the rough market conditions recently?

SUI crypto was down to $2.20 at press time after giving up almost all of the gains achieved in the tail end of March.

That price tag was equivalent to a 58% discount from its historic top in the first week of January.

SUI still managed to hold on to roughly $5.77 billion worth of liquidity that it gained since August despite its latest discount.

Nevertheless, sell pressure cooled down considerably below $2.20, seemingly aided by an ascending support line that has been active since September last year.

Meanwhile, the aforementioned rally observed in the last week of March was cut short by FUD related to tariffs.

Can SUI crypto regain its trajectory now that the bears appear to be on bit of recess and price is within the support range?

The previous bullish attempt in the last week of March occurred after a major descending resistance breakout.

This suggests that SUI crypto may revert to the recovery trajectory as soon as liquidity starts making its way back into the market.

SUI Crypto Prospects Improve Slightly as Network Shows Strength in Key Areas

Sui network’s stablecoin liquidity has been steadily growing and it recently reached a new milestone.

It recorded the highest stablecoin inflows in the last 24 hours out of all the top blockchains, outpacing heavyweights such as Solana and Tron.

This Sui network saw roughly $37.5 million worth of inflows on 4 April. This milestone reflects the aggressive growth that the network has maintained over the last few months.

SUI stablecoin marketcap snapped back in the last 5 days, managing to push to a new ATH of $1.29 billion.

This stablecoin growth underscores the network’s expanding liquidity which has been aiding utility.

Meanwhile, Sui TVL in dollar form indicates a bit of a struggle to recover. However, the TVL in token terms has been on an uptrend since mid-December.

The network had 585.63 million SUI in lock-up as of 5 April. For context, there were just below 350 million SUI coins in TVL as of 15 December 2024.

The TVL uptrend suggests confidence among SUI holders, indicating that quite a large number of SUI crypto holders may be locking up their coins as part of their HODL strategy.

SUI Chain Fees Signal Recovering Network Activity

Daily chain fees on the Sui blockchain surged over $80,000 in early January but have been declining aggressively with the latest market headwinds.

Chain fees dipped as low as $4,210 on 10 February and $7,610 on 8 March. These were the lowest daily fees during February and March respectively.

The daily chain fees saw significant uptick in the last 2 weeks, confirming that network activity was on the rise.

They peaked at $51,940 on 2 April which is quite a significant recovery from its March and February lows.

Is a SUI Recovery on The Cards?

SUI is currently sitting on its 6-month ascending support level where it could potentially bounce back from if demand makes a comeback.

Sell pressure has been dominant since January and with tariffs crushing investor sentiment, the prospects of a strong comeback are still a toss-up.

Slight accumulation has been observed here and there. For example, less than $10 million worth of spot inflows was observed since 1 April.

However, this was still relatively low, in line with the weak market sentiment after the recent tariffs-induced bloodback in the markets.

Nevertheless, SUI crypto’s sizable discount may soon start attracting investors especially if the markets enter recovery mode.