Sui has skilled rising momentum, resulting in a powerful technical outlook, largely due to the memecoin craze on the community.
SUI (SUI) is gaining vital momentum, each when it comes to its worth and community exercise. On April 22, SUI surged by 11.86% to achieve $2.43. The worth rally adopted a key technical breakout and was pushed largely by rising memecoin exercise on the community.
The latest worth motion has damaged by the higher boundary of a descending channel that began forming in December of 2024. This has led some merchants to invest that additional optimistic momentum within the coming days is probably going.
SUI memecoins like MUI, LOFI, and BLUB have seen vital momentum up to now week. For example, LOFI was up 143% within the final seven days, whereas BLUB was up 57% in the identical interval. The memecoin surge has additionally contributed to a big uptick in SUI’s key metrics.
SUI community sees sturdy development in key metrics
Each decentralized alternate quantity and the SUI community’s whole worth locked have been on the rise, when it comes to SUI tokens. Month-to-month DEX quantity reached 3.2 billion SUI in March, after breaking 3 billion SUI in February. On the similar time, TVL has been on the rise since December, reaching a multi-month excessive of two.5 billion SUI.
Progress when it comes to SUI signifies rising community exercise, regardless of SUI’s falling worth, which has misplaced 54% of its worth since its January peak. This implies that the ecosystem is rising in actual phrases, with extra on-chain exercise.
That is additionally displaying up in SUI stablecoin figures. The entire provide of stablecoins on the SUI community reached its all-time excessive of $880 million on April 21 and appears poised to interrupt the $1 billion mark quickly.