Sui Rockets 27% on Memecoin Frenzy—Will Bulls Break $3.70?

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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Last updated: 

April 22, 2025

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The broader crypto market saw a wave of green today, and among the standout performers is Sui ($SUI), which has posted eight consecutive green candles within 24 hours, a 27% surge.

The rally follows a renewed appetite for risk in the market, triggered in part by U.S. President Donald Trump’s recent softer stance on trade relations with China.

Sui Prints Eight Green Candles—What’s Powering the Rally?

Sui’s rally appears to be driven by memecoin activities on its network. Tokens like $LOFI and $BLUB have exploded in value over the past week, gaining 150% and 65%, respectively.

This surge in meme-driven activity has pushed daily transaction volume on the Sui network up by 54.7%, now totaling $4.47 billion, according to on-chain metrics.

Meanwhile, Sui’s ecosystem continues to expand.

Cetus, a leading DEX aggregator on Sui, has climbed into the top five swap aggregators and now ranks as a top 10 DEX across all chains by daily volume, according to data from DeFiLlama.

Despite being down 54% from its January 6 peak, the Sui network shows promising signs of fundamental growth.

Developer activity is on the rise, with over 80 new developers joining the platform in the past week, pushing GitHub commits to over 20,400 contributions.

Analysts Eye New Highs for $SUI as Bullish Patterns Confirm Breakout

Analysts are eyeing further gains. Prominent Twitter analyst Karan Singh predicts a short-term high of $3.70, while chartist Finsends projects an ambitious upside target of $8.99, more than 150% above current levels.

Sui’s rising profile could be further boosted by institutional interest.

In March, digital asset investment firm Canary Capital Group submitted an application to the U.S. SEC for a spot Sui ETF.

If approved, it would mark the first-ever exchange-traded fund tied to the spot price of Sui. Analysts suggest this could propel Sui’s market cap beyond $15 billion, potentially placing it among the top 20 cryptocurrencies.

$SUI Technical Analysis: ABC Breakout Pattern Validates Bullish Structure on 4-Hour Chart

On the 4-hour chart, $SUI/$USDT displays a bullish breakout pattern supported by a well-formed ABC wave structure.

The token broke out of a consolidation range near $2.15–$2.25 (Wave A), retraced briefly to retest support (Wave B), and accelerated into Wave C, reaching a local high of $2.94.

However, the current price action is nearing a major resistance zone between $2.92 and $2.95, a level that marked the March decline.

While the RSI Divergence Indicator (14) confirmed a bullish divergence earlier this month, which played out successfully, the RSI now stands at 90.50, indicating highly overbought conditions.

If a pullback occurs, potential support zones lie at $2.80–$2.82, followed by $2.50–$2.55, and deeper at $2.30–$2.35, the base of Wave B.

Conversely, a decisive breakout above $2.95, backed by strong volume, could pave the way toward $3.20, further validating the bullish narrative.