SUI, the native token of Sui Network, has had an awesome performance today. The coin has surged by over 8% restoring hope to the Layer 1 blockchain and smart contract project which has struggled to keep up upward momentum recently.
Additionally, SUI recently hit the $500 Million milestone in stablecoin market capitalization. This new milestone followed by a great price performance on the day has reinforced the ecosystem’s role in decentralized finance (DeFi).
SUI Token Pumps By 8.33% Depicting Great Potential
As indicated by the Coinmarketcap chart below, the price of SUI has climbed to $3.52 from a low of $3.13 achieved earlier in the day. The price movement indicates a hike of 8.33% in the day.
Activity around SUI token has also increased significantly in the last 24 hours. The trading volume for the coin has reached $1.81 Billion increasing by 56.56%.
On the other hand, SUI has a market capitalization of $10.88 Billion. This positions the coin at number #12 spot based on market capitalization. SUI’s market cap is closing down on Chainlink(LINK) which has a market cap of $11.93 Billion as of the time of writing.
What Does the Technical Indicators Show?
SUI’s technical indicators are pointing to a rather neutral sentiment after a few weeks of bearishness. The coin’s Relative Strength Index (RSI), which is a measure of buying and selling pressure, currently sits at 47.86 according to data on TradingView. The RSI value stands slightly below the midpoint of 50 which classifies it as a neutral sentiment.
The MACD line stands at -0.0005 above its corresponding Signal line -0.0010. A moderate bullish momentum exists at the moment as the analysis reveals. Additionally, the MACD histogram which is slightly positive confirms the weak bullish momentum. Traders should thus wait for stronger signals before making any moves.
SUI Hits $500M In Stablecoin Market Cap Marking A New ATH
The SUI Network is designed to ‘deliver the benefits of Web3 with ease of Web2. This particular ecosystem designed to improve scalability alongside operational efficiency and security has achieved broad-scale adoption during recent times.
Based on a recent post, the coin achieved $500 Million in stablecoin market cap yesterday (Feb.12, 2025. The US dollar-pegged stablecoins provide market stability while enhancing liquidity. Thus, the surge SUI stablecoin market capitalization demonstrated growth in the DeFi ecosystem.
However, data on DefiLlama shows that the stablecoin market cap has dropped to $494.62 Million as of this writing. The recent surge was contributed by FDUSD, AUSD, USDC and USDY which have since dropped slightly.
SUI’s Social Media Bullishness Reaches a 5-Months High
The enthusiasts of SUI have also indicated high bullish sentiment around the coin. According to Santiment, an on-chain and social metrics platform, “social media bullishness on X, Reddit, Telegram, and other platforms, for the time being, is showing the biggest bullish bias since mid-September.”
The chart below shows that the positive commentary on SUI has outperformed negative commentary by a 5:1 ratio. This shows the highest bullishness by SUI fans in the last 5 months.
Despite the recent surge in the price of SUI as well as other metrics including stablecoin market cap and positive commentary, it is vital for investors to be aware of too much FOMO. Retail greed may prolong the wait for the much awaited organic rally.
This news is republished from another source. You can check the original article here
