Sui Price Soars as Arbitrum, Avalanche, and Tron Overtake Key Metrics

The price of Sui (SUI), a promising layer-1 blockchain, has surged this week, outperforming many other major networks such as Arbitrum, Avalanche, and Tron in key trading metrics.

Specifically, SUI reached a high of $3.1160, its highest level since March 2, up nearly 80% from its monthly low. This strong bullish momentum is mainly due to the explosion in the meme coin ecosystem on the Sui platform.

Many prominent meme coins have recorded impressive growth: Miu increased by 17%, Lofi increased by 67%, MemeFi broke out by 270%, Sudeng increased by 33%, and Blub jumped by 70%. The total market capitalization of the Sui meme coin system has reached $182 million, up 10% in just one week.

This growth has also led to a boom on Sui’s DEX protocols. Data from DeFiLlama shows that the total trading volume on the network’s DEXs has increased by 40% in the past seven days, reaching $2.7 billion. Sui’s 24-hour trading volume also reached $806 million, surpassing Arbitrum ($750 million), Avalanche ($240 million), and Tron ($163 million).

Major DEX platforms such as Cetus, Bluefin, Kriya, Momentum, and DeepBook have all recorded remarkable growth. Cetus alone has processed $1 billion in transactions in the past seven days and $4.71 billion in the past 30 days.

In addition, news of Sui’s partnership with xMoney to launch a virtual Mastercard has also added to the bullish momentum.

Technical Analysis: Uptrend Continues to Strengthen

On the technical chart, SUI has formed a double bottom pattern around $2.03 and confirmed the bullish pattern by breaking the neckline at $2.8150. The coin is currently trading above the 50-day moving average, while also surpassing the 50% Fibonacci retracement level.

Momentum indicators such as MACD and RSI both indicate that the uptrend is still strong, opening up the possibility of SUI continuing to advance towards the resistance zone at the 38.2% Fibonacci level at $3.55. If the breakout is successful, SUI could target higher at $4.25.

However, if the price falls below the $2.81 area, the short-term bullish scenario could be invalidated.