The Sui price has bounced back this week, making it the second-best-performing top-100 coin this week. It has jumped by 68% in the last seven days and by 105% from its lowest point this month. This rally has brought its market cap to over $11.5 billion.
Why the SUI Token Has Surged
The Sui token soared due to the rising demand for meme coins within its ecosystem. These tokens have soared, bringing the market cap to over $197 million. This growth was driven by top meme coins like MIU, LOFI, MemeFi, and Sudeng.
The rise of Sui meme coins has led to more activity in the decentralized exchange (DEX) industry. Data shows that the volume handled by Sui DEX networks jumped by 35% in the last seven days. The volume increased to $600 million in the last 24 hours, $2.95 billion over the past seven days, and $11.8 billion in the past 30 days.
Furthermore, Sui has climbed the DeFi ladder, flipping other networks like Avalanche, Sonic, and Aptos. It has become the 9th largest player in the industry.
The Sui price has also jumped after the chain partnered with xPortal and xMoney to launch a Mastercard this week. The card will enable users to pay on Apple Wallet, Google Pay, and other platforms.
Sui Price Technical Analysis
The daily chart shows that the SUI price has gone parabolic this week. It has increased over the last six consecutive days, reaching its highest level since February 3rd.
Sui has retested the 38.2% Fibonacci Retracement level. Also, it has formed a double-bottom pattern at $2.03, with the neckline at $2.815, the highest swing on March 27.
The SUI token has jumped to the top of the trading range of the Murrey Math Lines tool. However, the Relative Strength Index (RSI) has surged to an extremely overbought level at 77. This suggests that the token is likely to drop, retest the key support at $2.815, and then resume its uptrend. This pattern, known as a break-and-retest, is a popular sign of continuation in technical analysis.
