SUI Blockchain Gains Momentum with Meme Coin Hype and DeFi Growth

SUI blockchain is gaining traction as its market cap nears $7 billion, driven by rising meme coin activity and DeFi engagement. Over the past week, SUI’s DEX volume surged 4.49% to $2.1 billion, briefly surpassing Arbitrum to become the fifth-largest chain by DEX volume. This growth reflects increased interest in speculative trading on the network, though it still trails behind Ethereum, Solana, BNB Chain, and Base in overall liquidity and user activity.

Technical indicators paint a mixed picture. SUI’s RSI has climbed from 35.22 to 51.86, suggesting renewed buying pressure after a dip, though momentum remains neutral. The Directional Movement Index (DMI) reveals a weak trend, with the ADX falling to 9—well below the 20 threshold that indicates a strong trend. Buyers currently have a slight edge, but the lack of conviction leaves SUI in a consolidation phase.

EMA analysis also shows lingering bearishness, as short-term averages remain below long-term ones. However, the narrowing gap between EMAs hints at a possible golden cross, which could mark a bullish reversal. If this occurs, SUI may test resistance at $2.28, with further upside targets at $2.41, $2.54, and potentially $2.83—its March high.

Conversely, failure to hold current levels could trigger a correction. A drop below $2.02 support might send SUI down to $1.71. While short-term momentum is building, SUI must move beyond meme coin hype and prove lasting DeFi strength to challenge top-tier chains. For now, it's an underdog with potential but still seeking confirmation of a sustained uptrend.