SUI Coin has been on a remarkable run over the past month, surging over 140% from its mid-April lows to reclaim levels not seen since early 2025. Currently trading near $4 after touching a recent high of $4.20 on May 10, SUI is consolidating just below a key resistance level at $4.50. As bullish momentum builds across both technical and on-chain fronts, investors are watching closely to see whether SUI can make a decisive move toward its all-time high of $5.30 in the coming weeks.

SUI’s current rally began in mid-April after the price broke out of a lengthy consolidation range between $2.80 and $3.10. That breakout coincided with a massive spike in decentralized exchange (DEX) activity, with daily trading volume hitting a record $782 million on April 23. This volume surge confirmed the strength of the price move and marked a turning point for the altcoin, which had been trading sideways for several months.

Technically, SUI remains in a strong position. The price is currently holding above all major exponential moving averages (EMAs), with the 20-day EMA offering support around $3.58. The $3.53–$3.85 zone, which acted as a consolidation base during the rally, continues to serve as a key support range. A daily close above $4.35 would likely confirm a breakout, with the next major target being the $5.30 ATH set on December 20, 2024.

Despite its bullish posture, the Relative Strength Index (RSI) is nearing the 70 mark — currently hovering at 68.2 — which suggests the asset is approaching overbought conditions. While this doesn’t signal an immediate reversal, it does hint at possible short-term consolidation before the next leg higher.

SUI’s fundamentals are also aligning with its technical strength. In recent weeks, several key ecosystem developments have fueled growing interest and adoption. On May 13, Phantom Wallet—a leading multichain wallet—integrated support for the Sui Network. This move allows users to seamlessly trade assets across Sui, Ethereum, Solana, and Base, simplifying the user experience and driving up transaction activity within the Sui ecosystem.

Earlier in the month, on May 8, Sui was added to the Axelar Interchain Token Service (ITS), enabling native token bridging with other major blockchain networks. This boosted Sui’s composability and made it easier for developers to integrate external liquidity without compromising on decentralization. Additionally, the upcoming “Great Sui Odyssey” event on May 17 in Vietnam is expected to generate further excitement, with the focus on AI, DeFi, and gaming applications within the Sui network.

On-chain data supports the narrative of sustained growth. Sui’s total value locked (TVL) has risen steadily from $1.8 billion in early April to over $2.18 billion as of May 14. Stablecoin inflows are also on the rise, with the market cap of stablecoins on the network nearing $919 million—a 39.5% increase over recent weeks. If stablecoin liquidity continues to climb, SUI’s price could gain further support and sustain its position above $4.

Trading volume on Sui-based DEXs has reached unprecedented levels. The seven-day DEX volume now stands at $3.98 billion, a nearly 40% increase from the prior week and triple what it was in early April. Meanwhile, futures open interest has surged to $1.86 billion—a yearly high—indicating growing speculative interest from leveraged traders across platforms like Binance and Bybit.

Daily active addresses remain another strong point for the network. Sui consistently sees over 1.5 million wallets interacting with the network, peaking at 1.7 million on April 29. This indicates steady user engagement, a healthy mix of new and returning participants, and ongoing adoption.

In summary, SUI Coin appears well-positioned for a breakout, supported by strong technical indicators, ecosystem growth, and record-setting on-chain activity. If SUI manages a clean breakout above $4.35 in the coming weeks and DEX volume sustains its momentum, a move toward the $5.30 all-time high could be within reach before the end of the quarter. For now, the $3.50–$3.85 support zone remains a crucial area for accumulation and consolidation as traders await the next move.