SUI Is ‘On the Edge of a New Run Towards Highs,’ Says Crypto Analyst Michaël Van De Poppe
Sui (SUI) experienced a significant price surge on Monday, reaching a high of $3.1554 before settling slightly above $3.11. This 3.85% increase over 24 hours followed a sustained uptrend that broke through key resistance levels. High trading volume accompanied this breakout, indicating strong market interest.
The rally follows positive developments within the Sui ecosystem. The stablecoin supply has grown substantially, from $400 million in January to nearly $1.2 billion, while the total value locked (TVL) has reached $1.8 billion, placing Sui third among non-EVM chains. This growth is further fueled by increased wallet adoption, boosted by Phantom integration and the launch of the rebranded Slush wallet. SuiLend, the network’s lending platform, also saw a 90% TVL increase over the past month, exceeding $600 million.
Crypto analyst Michaël van de Poppe highlighted these on-chain milestones, labeling Sui “super interesting as an ecosystem.” He pointed to the potential for further gains if SUI closes above $3.30, a key liquidity zone that could trigger a move to new all-time highs. His analysis emphasizes strong buyer engagement around the $3.12 price point. The price briefly consolidated after reaching its peak but consistently formed higher intraday lows, suggesting sustained upward momentum.
Technical analysis reveals a consistent uptrend, with the price breaking above the $3.08 resistance level and establishing support between $2.96 and $2.97. High volume, exceeding 12 million units during a specific period, confirmed significant accumulation. A notable volume spike above 1 million units propelled SUI past $3.12, initiating the breakout. The price action remained strong, establishing a new support band around $3.12. The day ended with bullish continuation patterns intact. The intraday price range was $2.9742 to $3.1554, a 6.09% fluctuation.
