Trading at $3.84 as Stablecoin Supply on Network Exceeds $1 Billion

TLDR

• SUI is currently trading around $3.84, up 1.38% in 24 hours
• Technical indicators present mixed signals with RSI at 41.47 and bearish MACD
• TD Sequential indicator on 3-day chart suggests a pullback may be coming
• Stablecoin supply on Sui blockchain has surpassed $1 billion, up 218% in six months
• Long-term price targets range from $5 to potentially $20 if support holds above $3

The Sui cryptocurrency market finds itself at a crucial decision point as the SUI token trades in a narrow range between $3.70 and $3.85. Despite recent price stabilization, investors remain divided on the future direction of SUI.

As of the latest data, SUI is priced at approximately $3.84, representing a 1.38% increase in the last 24 hours. This modest gain comes after the token found strong support near the $3.75 level.

The recent price action follows a volatile week where SUI showed consolidation above $3.775. Market data reveals significant accumulation activity at $3.755, where trading volume exceeded the 24-hour average by 45%.

While short-term momentum appears slightly positive, the broader technical setup suggests caution is warranted.

Technical indicators present a mixed picture for SUI. The Relative Strength Index (RSI) sits at 41.47, indicating weak bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) remains in bearish territory.

The price is currently trading near the lower Bollinger Band, which typically suggests the asset may be undervalued. However, this doesn’t necessarily guarantee a reversal is imminent.

Key Support and Resistance Levels

Adding complexity to the SUI market outlook is a shrinking Bollinger Band range. This is a classic sign of low volatility that often precedes explosive price moves. However, market analysts note that “bulls need volume and confirmation to rally.” Without these factors, the current squeeze could lead to further downside instead of an upward breakout.

In the near term, key SUI support levels sit around $3.50 and $3.40. A decisive break below these could trigger panic selling, potentially pushing the SUI token toward the $3.20–$2.90 zone.

Conversely, maintaining support above $3.75 and reclaiming the $3.85 resistance level could trigger a renewed bullish phase.

A widely circulated prediction calling for SUI to reach $4.20 has sparked debate among traders. This target aligns with certain bullish chart patterns, such as an inverse head and shoulders setup.

Some market analysts suggest SUI could potentially surge toward $4.76 or even $5.67 if momentum accelerates. The bullish pattern, visible on the daily timeframe, indicates SUI might revisit its all-time high of $5.35, last reached in January 2025.

However, not all voices are bullish. Popular analyst Ali identified a completed TD Sequential nine-candle pattern on the 3-day chart, traditionally interpreted as a sell signal. This suggests that a short-term correction may be imminent.

Growth in Sui Ecosystem

On-chain data provides reasons for cautious optimism. SUI investor sentiment has been boosted by recent developments, including the integration of BitVM bridge and the planned launch of Peg-BTC (YBTC), which expands Bitcoin DeFi capabilities on the Sui network.

One of the more promising developments for the Layer 1 blockchain is the rapid growth of its stablecoin market. As of May 16, the stablecoin supply on Sui has exceeded $1 billion—representing a 218% increase over the past six months.

This sharp rise in liquidity highlights growing activity in the Sui DeFi ecosystem. Stablecoins such as USDT, USDC, FDUSD, and USDY are fueling decentralized applications and trading protocols on the Sui blockchain.

Adding to the potentially bullish outlook is the current trend in funding rates, which remain positive according to Coinglass data. This indicates that traders are predominantly taking long positions, suggesting the broader market expects higher SUI prices ahead.

While short-term fluctuations persist, most minor dips have been quickly reversed—an indication that buying demand remains active.

Some analysts have projected even more bullish long-term targets. If SUI can maintain support above $3.00, price targets range from $5 to as high as $20 in future market cycles.

For SUI to reach these ambitious targets, it must first break through immediate resistance at $4.80 and maintain support above $3.00. These levels will play an important role in confirming a trend change and attracting new buyers.

The SUI market remains in a holding pattern, waiting for a clear signal to break free from its current range. Traders are advised to watch key support and resistance levels closely as the next major move could be imminent.