TLDR

Table of Contents

SUI price jumped 26% to $2.80 in 24 hours, breaking out of a descending channel that formed since December 2024
Memecoin activity on SUI network, including LOFI (up 143%) and BLUB (up 57%), is driving increased network traffic
Stablecoin volume on SUI reached a record high of $880 million on April 21, approaching the $1 billion mark
The price surge occurred after US President Donald Trump signaled an easier approach to the trade war with China
Despite short-term bullish signals, macro risks remain with recession concerns and uncertain Fed policy

The SUI token has surged 26% in the past 24 hours, reaching $2.80 on April 23. This price movement represents a major technical breakout from a descending channel that had been forming since December 2024.

The price jump coincides with increased memecoin activity on the SUI network. Popular SUI-based memecoins like LOFI and BLUB have seen huge gains, with LOFI jumping 143% and BLUB rising 57% in just seven days.

This memecoin frenzy has substantially increased traffic and transactions on the SUI network. The growing ecosystem shows that there’s more happening within the SUI community than just price speculation.

Stablecoin Growth Signals Network Strength

A key indicator of SUI’s growing strength is the rise in stablecoin volume. On April 21, stablecoins on the SUI platform reached a record high of $880 million. At the current growth rate, the $1 billion mark appears to be within reach soon.

The increase in stablecoin activity suggests growing confidence in the network’s infrastructure. This metric is often viewed as more important than token price alone when evaluating blockchain ecosystem health.

Despite being down 54% from its January high, SUI’s on-chain metrics paint a picture of real growth. The network currently hosts over 25 million active accounts and $1.36 billion in Total Value Locked (TVL).

Market Response to Macro Factors

The broader crypto market also responded positively to statements from US President Donald Trump. His signals about taking an easier approach to the trade war with China triggered a rally across risk assets.

As fears of tariff-induced economic weakness subsided, traders moved back into cryptocurrencies. This external factor helped SUI break above both its 21-day and 50-day moving averages for the first time since early 2025.

From a technical perspective, this breakout opens the door to further potential gains. Some analysts suggest SUI could retest the 200-day moving average just above $3.00 in the near term.

If SUI breaks above that level, it could potentially surge toward its all-time high above $5.00 from early 2025. This would represent nearly a 2x gain from current levels.

The SUI ecosystem includes thriving DeFi projects. Cetus, a leading decentralized exchange (DEX) on SUI, has reached $105 million in TVL. NAVI Protocol, a lending platform, has surpassed $135 million TVL.

These projects demonstrate that SUI is developing a robust decentralized finance ecosystem. The network’s approach to scalability using the Move programming language and parallel transaction processing makes it competitive with other major blockchains.

However, traders should remain cautious about broader economic conditions. While the immediate market response has been positive, recession risks remain elevated due to trade uncertainties and US government austerity measures.

The Federal Reserve, under Chairman Jerome Powell, may be reluctant to ease monetary policy aggressively if inflation remains sticky due to tariffs. This could limit the potential for a sustained “altcoin season” that typically requires significant central bank liquidity.

ETHEREUM JUST TOUCHED THE LEGENDARY SUPPORT OF 2020…
BEFORE THE MASSIVE RALLY AND ALTCOIN SEASON.
SEND $ETH TO $10,000 NOW!!! pic.twitter.com/qhAlWeR9uR
— Crypto Rover (@rovercrc) April 22, 2025

Long-term investors may view the current price action as an opportunity. The Trump administration’s pro-crypto stance could create favorable conditions for blockchain networks like SUI over the next few years.

Some analysts believe that despite short-term volatility, SUI could reach much higher valuations by the end of Trump’s term. Speculative targets include $10 or even $20 per token, though such projections should be viewed cautiously given market uncertainties.

For now, SUI’s price movement shows that investors are responding positively to both network growth and external market factors. The coming weeks will reveal whether this breakout marks the beginning of a sustained recovery or just a temporary bounce.

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