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Sui, a prominent layer-1 blockchain, has experienced a parabolic price surge this week, reaching its highest level since March 2. The cryptocurrency climbed to $3.1160, marking an impressive 80% increase from its monthly low. This rally has captured the attention of the crypto community, driven by significant activity within Sui’s ecosystem and its growing presence in decentralized finance (DeFi).

Sui’s Meme Coin Ecosystem Fuels Growth

The recent price surge in Sui can be attributed in part to the strong performance of meme coins within its ecosystem. Over the past seven days, notable tokens such as Miu rose by 17%, while Lofi, MemeFi, Sudeng, and Blub saw gains of 67%, 270%, 33%, and 70%, respectively. Collectively, the total market capitalization of Sui-based meme coins increased by 10%, reaching $182 million.

This growth has spurred heightened activity on decentralized exchange (DEX) protocols within the Sui network. Data indicates that the trading volume on these platforms grew by 40% in the last week, reaching $2.7 billion. In the past 24 hours alone, trading volume surged to $806 million, surpassing other major networks such as Arbitrum, Avalanche, and Tron. For comparison, Arbitrum processed $750 million, Avalanche recorded $240 million, and Tron handled $163 million in the same time frame.

DEX Platforms Drive Sui’s Momentum

Most DEX platforms on the Sui network witnessed a significant uptick in activity. Cetus, the largest DEX on Sui, processed $1 billion in the past seven days and an impressive $4.71 billion over the last 30 days. Other platforms, including Bluefin, Kriya, Momentum, and DeepBook, also recorded higher trading volumes, contributing to the network’s overall growth.

Partnership Announcement Boosts Sentiment

Adding to the bullish momentum, Sui recently announced a partnership to launch a virtual Mastercard powered by xMoney. This development has further strengthened investor confidence in the blockchain’s potential for real-world applications and utility.

Sui Price Technical Analysis

From a technical perspective, Sui’s price chart reveals a bullish trend. The cryptocurrency has rebounded strongly after forming a double-bottom pattern around the $2.03 level. It has since broken above the neckline at $2.8150, confirming a bullish reversal pattern.

Sui is currently trading above the 50-day moving average and the 50% Fibonacci retracement level. Additionally, momentum indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are pointing upward, signaling strong bullish sentiment.

Key Levels to Watch

  • Resistance: Bulls are targeting the 38.2% Fibonacci retracement level at $3.55, approximately 15% above current levels. A breakout above this level could pave the way for further gains toward the 23.6% retracement level at $4.25.
  • Support: A drop below the double-bottom neckline at $2.81 would negate the bullish outlook and could lead to a potential pullback.

With strong technical indicators and growing ecosystem activity, Sui’s price trajectory remains one to watch for both beginners and seasoned investors in the cryptocurrency market.

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