Sui Price Rises Above $3.50 After New Stablecoin Launch
Sui (SUI) price climbed above $3.50 on Thursday. This rise follows the launch of the new stablecoin, suiUSDe. The Total Value Locked (TVL) on the Sui network also hit a record high. Open Interest data shows strong support for a bullish trend.
SuiUSDe Stablecoin Boosts Network Growth
Sui and Nasdaq-listed SUI Group Holdings Limited launched suiUSDe, a native stablecoin powered by Ethena. The stablecoin is backed by multiple digital assets and short futures positions. This adds to the upcoming USDi stablecoin by BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Sui.
Data from DeFiLlama shows the stablecoin market cap on Sui grew 18.61% in 24 hours. It reached $682.39 million, with USDC by Circle holding 66.97% dominance.
- DEX trading volume stayed above $500 million for three days.
- TVL on Sui network reached a record $2.388 billion.
- These numbers show strong liquidity and user growth.
Sui Price Forms Bullish Pattern on Daily Chart
Sui gained 1% on Thursday, adding to an 8% rise the day before. The price is moving within a symmetrical triangle pattern. SUI trades above the 50% Fibonacci retracement level at $3.5430. This level is between the January 6 high of $5.3687 and the April 7 low of $1.7174.
A close above $3.5430 could push SUI toward the 61.8% retracement at $3.9739 near the triangle’s resistance line.
Open Interest for SUI rose to $1.83 billion on Thursday from $1.68 billion on Wednesday. This shows traders are taking more risks on SUI derivatives.
Technical indicators support the bullish trend:
- The Relative Strength Index (RSI) is at 54 and rising.
- The Moving Average Convergence Divergence (MACD) shows a bullish crossover.
If SUI reverses from $3.5430, it may test support at $3.1500.
