Sui (SUI) briefly surged to an intraday high of $3.0033 on Binance on April 23, 2025, marking a sharp 30% gain before pulling back below the $3 level. The spike, driven by strong network activity and a broader rally in memecoins, has drawn attention to whether SUI can sustain momentum and move decisively past the $3 threshold. With trading volume soaring to 143.21 million and a market cap nearing $9.5 billion, SUI’s momentum is undeniable, and all eyes are on SUI’s next move as the broader crypto market rides a wave of optimism following Donald Trump’s quest for reduced Fed rates amid talks of lowering China tariffs . Why is the price of SUI cryptocurrency rising? The surge in SUI’s price can be attributed to a confluence of factors, starting with the memecoin frenzy that has gripped the Sui network. Memecoins like LOFI and BLUB have seen explosive growth, with LOFI up 126% and BLUB up 73% in just a week, driving unprecedented engagement and trading activity on the network. This surge in activity is not just a fleeting trend; it’s backed by substantial on-chain growth, with active accounts skyrocketing from 655,000 in mid-February to 1.71 million by mid-April, a 2.6x increase. New accounts have surged even more dramatically, from 201,000 to 1.72 million in the same period, reflecting a massive influx of users drawn to Sui’s DeFi and NFT ecosystems. Adding to this momentum is the stablecoin supply on the Sui network, which hit an all-time high of $881 million, signalling a flood of liquidity ready to be deployed. This liquidity is a critical driver, as it provides the fuel for further growth and adoption. Beyond the network’s internal dynamics, broader market conditions have also played a pivotal role. The easing of US-China trade tensions, with President Trump announcing a possible substantial reduction in tariffs, has injected optimism into risk assets, including cryptocurrencies. Bitcoin’s rally past $94,000, buoyed by record inflows into Bitcoin ETFs, further amplifies this bullish sentiment, creating a favourable environment for altcoins like SUI to thrive. SUI price technical analysis From a technical perspective, SUI’s price action is equally compelling, with the token breaking out of a falling wedge pattern on the daily chart after four months of consolidation. SUI price chart by TradingView This breakout is a classic bullish signal, indicating a reversal from the previous downtrend and setting the stage for further gains. The price has surged past key moving averages, including the 21-day and 50-day, and is now eyeing the 200-day moving average around $3.1727 as its next target. The recent jump from $2.1679 to $2.9020 was backed by a robust trading volume of 143.21 million, underscoring the strength of this move. For the rally to continue, bulls must defend the $2.85 support level, which is crucial for maintaining the uptrend. If they succeed, the next resistance zones at $3.08 and $3.25 come into play, with $3.10 being particularly significant as it would complete a cup and handle pattern, potentially propelling SUI toward $5.00. The technical setup is further bolstered by the network’s strong fundamentals, including a multi-month high in total value locked (TVL) at 2.5 billion SUI and a thriving ecosystem with projects like Cetus and NAVI Protocol. As SUI rides this wave of momentum, the question on everyone’s mind is whether it can sustain this trajectory and soar past $3, potentially retesting its all-time high of $5.35. The post Sui price rockets 30% as memecoin frenzy kicks in: will it soar past $3? appeared first on Invezz
