SUI Sets Sights on $2.35 Breakout with Network Growth and Stablecoin Surge

• SUI tests falling wedge support as price recovers 2.60% to $2.16.
• MACD shows bullish crossover while token targets key $2.35 Fibonacci level.
• Surging stablecoin supply at $721 million now exceeds Optimism’s $684 million.

The SUI token is showing promising signs of a bullish reversal despite the broader cryptocurrency market experiencing a slight slowdown in momentum. Currently trading at $2.16 after a 2.60% intraday recovery, SUI appears poised for a potential breakout above key resistance levels that could ignite a more substantial rally in the coming days.

Technical analysis of the daily chart reveals that SUI recently failed to overcome the 50% Fibonacci retracement level near the psychologically important $3 mark. Following this rejection, the price retraced to test the previously broken resistance-turned-support trend line of a falling wedge pattern, a classic bullish reversal formation. This successful support test has created the foundation for the current recovery attempt.

The bullish case is further strengthened by the MACD indicator, which has formed a bullish crossover as the MACD line rises above the signal line. This technical signal often precedes continued upward price movement and suggests growing positive momentum behind SUI. With this technical backdrop, the token is now targeting the crucial 61.80% Fibonacci retracement level at $2.3514, which could serve as the catalyst for a more significant breakout.

SUI Network Fundamentals Show Optimism

Beyond technical indicators, SUI’s network fundamentals provide additional reasons for optimism. The first quarter of 2025 saw substantial growth in Bitcoin finance activities on the SUI network, with liquid staking through Lombard’s LBTC helping to increase the blockchain’s BTC-related assets. Currently, approximately 10% of SUI’s total value locked (TVL) consists of Bitcoin-based assets, including WBTC, LBTC, and STBTC.

According to official data shared by the SUI team, the Q1 average TVL stood at $1.51 billion, with a peak reaching $2.08 billion during this period. Despite a recent dip from these peak levels, overall network activity remains robust, with trading volume increasing by 4.47% quarter-to-quarter to reach $25.5 billion.

We've always said that Sui was meant for BTCfi — and you all seem to agree!

10% of Sui's TVL is now made up of BTC assets, including wBTC, LBTC, and stBTC! pic.twitter.com/KhWTKzCqHo

— Sui (@SuiNetwork) April 10, 2025

Perhaps most impressive is SUI’s rapidly growing stablecoin ecosystem. The network’s stablecoin supply has recently surpassed that of Optimism, a major Layer 2 solution for Ethereum.

Current figures show SUI hosting $721 million in stablecoins compared to Optimism’s $684 million.

BREAKING: $SUI FLIPS @OPTIMISM IN STABLECOIN SUPPLY pic.twitter.com/Tac7pv3f0R

— ToreroRomero (@Torero_Romero) April 10, 2025

The increasing stablecoin supply provides real economic utility to the network, potentially creating a more sustainable foundation for price appreciation compared to speculative movements alone. Stablecoins typically serve as the backbone of trading pairs, yield farming, and lending protocols within blockchain ecosystems, making their presence a key indicator of network health.

Looking ahead, if SUI can successfully break above the 61.80% Fibonacci retracement level at $2.35, the next major target would be the 50% Fibonacci level at approximately $2.91. This would represent a significant move from current levels and could potentially set the stage for another attempt at the psychologically important $3 mark.