Sui Has Experienced Rising Momentum, Leading to a Strong Technical Outlook

SUI (SUI) is gaining significant momentum, both in terms of its price and network activity. On April 22, SUI surged by 11.86% to reach $2.43.

Sui (SUI) has experienced striking momentum, putting it in a strong technical outlook, largely thanks to the memecoin craze on the network.

SUI (SUI) is reaping huge gains, both in terms of its price and network activity. On April 22, SUI surged by 11.86% to reach $2.43. The price rally followed a key technical breakout and was driven in large part by growing memecoin activity on the network.

The recent price action has seen SUI break through the upper boundary of a descending channel that started forming in December of 2024. This has led some traders to see more positive price action in the coming days.

SUI – Knock knocking knocking on heavens door… $SUI pic.twitter.com/LbBiYzRzNR

SUI memecoins like MUI, LOFI, and BLUB have seen huge momentum in the past week. For instance, LOFI was up 143% in the last seven days, while BLUB was up 57% in the same period. The memecoin surge has also contributed to a significant uptick in SUI’s key metrics.

SUI network sees strong growth in key metrics

Both decentralized exchange volume and the SUI network’s total value locked have been on the rise, in terms of SUI tokens. Monthly DEX volume reached 3.2 billion SUI in March, after breaking 3 billion SUI in February. At the same time, TVL has been up since December, reaching a multi-month high of 2.5 billion SUI.

Growth in terms of SUI signifies greater network activity, despite SUI’s price decreasing by 54% from its January peak. This highlights the ecosystem expanding in its true capacity, with more on-chain activity.

This is also being seen in SUI stablecoin figures. The total supply of stablecoins on the SUI network reached its new all-time high of $880 million on April 21 and is quickly approaching the $1 billion mark.