SUI Price Breaks Out, Surging 70% to $3.55 as Network Growth Fuels the Rally

SUI, the native token of the layer-1 blockchain Sui, has experienced a major price breakout in recent days.

The native token of the layer-1 blockchain Sui, SUI, has experienced a major price breakout in recent days, breaking through a critical resistance level of $2.45.

This breakout has been accompanied by increasing trading volume and positive technical indicators, pushing the token toward bullish momentum.

On Monday, April 22, SUI experienced a surge in price, gaining over 17% to reach the price point of $3.55.

This rally marks an impressive recovery from March 23, where the token hit a low of $1.2, and it also signals a breakout from the 200-week Simple Moving Average (SMA).

Over the week, SUI has shown strength with an impressive rally of nearly 70%, outperforming major cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana, which saw price gains ranging from 10% to 40%.

Growing Confidence in SUI

Market participants are showing increasing confidence in SUI, evidenced by the significant increase in open interest for SUI contracts. According to recent market data, SUI open interest grew by 21.74%, reaching 2.88 million contracts.

This increase in open interest is often associated with new positions being opened as market participation rises. In the past 24 hours alone, market participation in SUI reached $488.6 million.

The majority of this trading activity is focused on the token spot market, while a smaller portion is engaged in the SUI futures market.

The vast majority of trades are performed through perpetual contracts, which indicates that investors are expecting prices to continue moving upwards.

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, signaling 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.

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/4ArT7tj

— 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