SUI price has gone parabolic this week, reaching its highest level since March 2 after the network flipped key layer-1 and layer-2 chains.

Sui (SUI), a popular layer-1 blockchain, surged to a high of $3.1160 this week

Sui price is up 60% in a week as DEFI protocols see volume surge 40%.

The price of Sui (SUI) has gone parabolic this week, reaching its highest level since March 2 after the network flipped key layer-1 and layer-2 chains. The rally was driven in part by strong momentum in Sui’s meme coin ecosystem.

As of Thursday morning, the Miu token on the blockchain rose by 17% over the past seven days, while Lofi, MemeFi, Sudeng, and Blub increased by 67%, 270%, 33%, and 70%, respectively. As a result, the total market cap of all Sui-based meme coins climbed 10% to $182 million.

This rally led to increased activity on decentralized exchange protocols within the network. DeFi Llama data shows that the volume on these protocols rose by 40% to reach $2.7 billion.

Its 24-hour volume rose to $806 million, surpassing that of other popular networks like Arbitrum (ARB), Avalanche (AVAX), and Tron (TRX). Arbitrum, the biggest layer-2 network processed tokens worth $750 million, while Avalanche and Tron had $240 million and $163 million.

Most DEX networks on Sui had a significant increase in volume. Cetus, the biggest DEX platform on Sui handled $1 billion in the last seven days and $4.71 billion in the last 30 days. Bluefin, Kriya, Momentum, and DeepBook had higher volume.

The move in Sui price also came after the announcement of a partnership to launch a virtual Mastercard powered by xMoney. The partnership will allow users to easily convert their crypto to fiat currency and spend it anywhere Mastercard is accepted.

Sui price technical analysis

The daily chart shows that Sui bounced strongly after forming a double-bottom pattern around the $2.03 level. The coin broke above the neckline at $2.8150, confirming the bullish reversal pattern.

SUI is now trading above the 50-day moving average and the 50% Fibonacci retracement level. Meanwhile, momentum indicators such as the MACD and the Relative Strength Index are both pointing higher, thereby reinforcing bullish sentiment.

Given these technical signals, Sui will likely continue to climb, with bulls targeting the 38.2% Fibonacci retracement level at $3.55, about 15% above current levels. A breakout above that zone could open the door to further gains toward the 23.6% retracement level at $4.25. However, a drop back below the double-bottom neckline at $2.81 would invalidate the bullish outlook.