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Bullish momentum is building in $SUI as the price targets a breakout at $2.35. Can strong network growth and stablecoin activities support a rally toward $2.91?
As Bitcoin encounters a minor roadblock in its recent bullish turnaround, altcoins are experiencing a similar slight slowdown. However, amidst these conditions, the $SUI token shows signs of a bullish reversal, testing a falling wedge pattern but struggling to maintain momentum.
The $SUI token is currently trading at $2.16, reflecting a 2.60% intraday recovery. Will this lead to a breakout above the psychological resistance level of $3?
$SUI Price Analysis Suggests $2.35 Breakout
On the daily chart, the $SUI price trend shows a failure to surpass the 50% Fibonacci level near the $3 mark. The price retraced to test the previously broken resistance-turned-support trend line of the falling wedge pattern.
After a lower price rejection, $SUI’s price is now attempting a bullish comeback, eyeing the 61.80% Fibonacci retracement level at $2.3514.
With an intraday recovery of 2.60%, $SUI gradually gains bullish momentum. The post-retest reversal is also reflected in the MACD and signal lines, which show a bullish crossover.
$SUI Network Growth Lays the Foundation for the Next Bull Run
In Q1 2025, Bitcoin finance on the $SUI network saw a significant increase. Liquid staking via Lombard’s LBTC has helped boost the $BTC assets on the network.
Notably, 10% of $SUI’s total value locked (TVL) comprises $BTC assets, including WBTC, LBTC, and STBTC. However, after peaking strongly, the TVL has taken a noticeable dip.
According to a tweet by $SUI, the Q1 average TVL stands at $1.51 billion, with a peak of $2.08 billion. The volume has increased by 4.47% quarter-to-quarter, reaching $25.5 billion.
We've always said that Sui was meant for BTCfi — and you all seem to agree!
10% of Sui's TVL is now made up of $BTC assets, including wBTC, LBTC, and stBTC! pic.twitter.com/KhWTKzCqHo
— Sui (@SuiNetwork) April 10, 2025
Moreover, the stablecoin supply on the $SUI network has surged. The supply of stablecoins on $SUI has recently surpassed that of Optimism. Currently, the stablecoin supply on $SUI stands at $721 million, compared to Optimism’s $684 million.
BREAKING: $SUI FLIPS @OPTIMISM IN STABLECOIN SUPPLY pic.twitter.com/Tac7pv3f0R
— ToreroRomero (@Torero_Romero) April 10, 2025
Conclusion
Based on the Fibonacci levels and the improving $SUI network, bulls will likely push $SUI past the 61.80% retracement level at $2.35. This could set the stage for a rally toward the 50% Fibonacci level at approximately $2.91.
On the downside, crucial support for $SUI remains at the 78.60% level, near $1.55.