Sui price rockets as it flips Arbitrum, Avalanche, Tron on key metric

Sui price has gone parabolic this week, reaching its highest level since March 2 after the network flipped key layer-1 and layer-2 chains.

Sui (SUI), a popular layer-1 blockchain, surged to a high of $3.1160 this week, marking its highest level since March 2 and gaining nearly 80% from its monthly low.

The rally has been fueled in part by strong momentum in Sui’s meme coin ecosystem. The Miu token rose by 17% over the past seven days, while Lofi, MemeFi, Sudeng, and Blub gained 67%, 270%, 33%, and 70%, respectively. As a result, the total market cap of all Sui-based meme coins climbed 10% to $182 million.

This rally has led to increased activity on decentralized exchange protocols within the network. DeFi Llama data shows that the volume on these protocols has risen by 40% in the last seven days to $2.7 billion.

Its 24-hour volume rose to $806 million, surpassing that of other popular networks like Arbitrum (ARB), Avalanche (AVAX), and Tron (TRX). Arbitrum, the biggest layer-2 network processed tokens worth $750 million, while Avalanche and Tron had $240 million and $163 million.

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Most DEX networks on Sui have had a significant increase in volume. Cetus, the biggest DEX platform on Sui handled $1 billion in the last seven days and $4.71 billion in the last 30 days. Bluefin, Kriya, Momentum, and DeepBook have had higher volume.

The Sui price also jumped after the announcement of a partnership to launch a virtual Mastercard powered by xMoney.

Sui price technical analysis

Sui price chart | Source: crypto.news

The daily chart shows that Sui has bounced strongly after forming a double-bottom pattern around the $2.03 level. The coin has broken above the neckline at $2.8150, confirming the bullish reversal pattern.

SUI is now trading above the 50-day moving average and the 50% Fibonacci retracement level. Meanwhile, momentum indicators such as the MACD and the Relative Strength Index are both pointing higher, thereby reinforcing bullish sentiment.

Given these technical signals, Sui will likely continue to climb, with bulls targeting the 38.2% Fibonacci retracement level at $3.55, about 15% above current levels. A breakout above that zone could open the door to further gains toward the 23.6% retracement level at $4.25. However, a drop back below the double-bottom neckline at $2.81 would invalidate the bullish outlook.

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