Sui (SUI) Price Rallies by 120% From Its April Lows, Bullish Flag Pattern Points to ATH

Sui price has rallied by 120% from its lowest level in April, and is now forming a bullish flag pattern that points to an eventual surge to its all-time high.

Sui price has rallied by 120% from its lowest level in April, and is now forming a bullish flag pattern that points to an eventual surge to its all-time high. The rising stablecoin market cap, which is nearing the $1 billion milestone, will help to supercharge this rally.

DeFi Llama data shows that the price of Sui (CRYPTO: SUI) rose to $3.80 on Thursday after surging by 12% in the last 24 hours. This recovery happened in a high-volume environment, with the 24-hour figure jumping by 47% to $2.18 billion.

A potential catalyst that may propel Sui to its all-time high will be its growing stablecoin position. The data shows that the market cap of all stablecoins in the ecosystem has gone parabolic in the past few months and is slowly nearing the $1 billion milestone.

These stablecoins have a market cap of $913 million, higher than the January 1 level of $317 million, a nearly 200% increase. Therefore, if the trend continues, it means that these stablecoins will hit $1 billion either this month or in June.

A rising market cap of these coins is a bullish sign for a blockchain because it shows how active its network. It also helps to boost the chain revenue since it takes a small cut for all stablecoin transactions in the network. As the chart below shows, Sui’s chain revenue has held steady above $40,000 a day in the past few weeks.

Also Read: Optimism Price Soars Despite Burning 99% Of Tokens In Same Chain

This post Can Sui Price Hit $5 As Stablecoin Market Cap Soars 400% In 5 Months? appeared first on Benzinga.