Source: Cointelegraph
Original: “SUI Token Leads Crypto Market with 73% Weekly Gains—Is a New Price Record Within Reach?”
Key Points:
The price of SUI surged by 23% in a single day, trading at $3.67 on April 25. This is part of a broader rebound that began on April 21, with SUI's gains exceeding 73% over the past week.
Data from Cointelegraph Markets Pro and TradingView shows that SUI rose from a low of $2.11 on April 21, peaking at $3.71 during intraday trading on April 25, marking a 77% increase.
SUI/USD Daily Chart Source: Cointelegraph/TradingView
SUI's performance over the past week has made it the largest gainer among the top 100 cryptocurrencies by market capitalization.
Top Gainer on April 25 Source: CoinMarketCap
Positive Fundamental Factors Boost SUI Price
SUI's gains are primarily attributed to the launch of the Grayscale SUI Trust and its strategic partnership with xPortal and xMoney, which introduced a virtual Mastercard in Europe, thereby enhancing investor confidence.
“SUI has officially exited stealth mode,” said anonymous analyst Kyledoops in a post on X on April 24.
“Grayscale just launched a trust, social chatter is exploding, and now its market cap has surpassed AVAX and LINK,” Kyledoops stated, adding:
“This is not just retail hype—Wall Street is entering the SUI space. This momentum is different. It’s real. And it’s accelerating.”
On April 23, Grayscale launched the Grayscale SUI Trust, allowing investors to gain exposure to SUI. The trust is now open to all eligible accredited investors.
Source: Grayscale
The latest collaboration between SUI and xPortal and xMoney further propelled this trend, launching a virtual Mastercard that enables 2.5 million European users to use the token at over 20,000 merchants via Apple Pay and Google Pay.
Source: Sui Network
Sui's Evolving DeFi Ecosystem
Sui remains among the top 10 layer-1 blockchains, with a total locked value (TVL) on the network exceeding $1.65 billion. The chart below shows that SUI's TVL has grown by approximately 40% over the past week.
Sui Network: TVL and Daily DEX Trading Volume Source: DefiLama
Compared to other top networks, SUI is far ahead in TVL gains across daily, weekly, and monthly time frames, as shown in the chart below.
Comparison of TVL Performance on Top Layer-1 Blockchains Source: DefiLama
SUI's daily DEX trading volume has increased by over 177% in the past week, reaching $599 million. This far exceeds the 68% and 67% increases seen in BNB Chain and Solana, respectively.
While Ethereum remains the undisputed leader with a market cap of $10.6 billion, this figure has decreased by more than 14% over the past week.
Will SUI Set a New All-Time High?
From a technical perspective, SUI's price gained upward momentum after breaking out of a descending wedge pattern, as shown in the chart below.
After breaking through a months-long resistance trend line near $2.20, SUI reached a wedge technical target of $3.30.
Currently, bulls are eyeing the all-time high of $5.35 set on January 6.
SUI/USD Daily Chart Source: Cointelegraph/TradingView
Since April 20, the relative strength index (RSI) has increased from 45 to 78, strengthening bullish momentum.
However, to maintain a sustained recovery, SUI's price must first overcome resistance between $4.50 and $5.10 before entering the price discovery phase.
According to Elliott Wave analysis on the weekly chart, anonymous analyst Bitcoinsensus has set a “huge” price target of $11.50 for SUI.
Source: Bitcoinsensus
This article does not contain investment advice or recommendations. Every investment and trading involves risks, and readers should conduct their own research before making decisions.
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