More Reasons to Be Bullish on SUI as Price Enters Prime Buying Zone

An analyst on X, Frigg, highlights multiple reasons to be optimistic about SUI Network price trajectory.

Analyst Frigg continues to see more reasons to be bullish on SUI Network as the price enters what CryptoELITES says is a "prime buying zone." In a recent post on X, Frigg shared multiple observations that suggest a promising trajectory for SUI in the coming months.

While discussing the technical analysis, CryptoELITES has spotted a long-term cup and handle pattern forming on the SUI/USDT chart, which is now being traded on eToro, DEFI, and other exchanges. This pattern, if it plays out fully, could set up a mid-term price target of around $40.

The chart structure shows the cup formation unfolding from mid-2023 to early 2025, with the price hitting lows before curving upward in a U-shape to form the cup. Afterwards, a handle, a common occurrence after a cup, is now forming on the chart.

As the price is currently pivoting around the key support zone of $2.10-$2.20, having broken through this level from above and now finding support, we could be witnessing a classic bullish retest scenario.

If the handle completes and the breakout occurs, then the measured move based on the cup’s depth would logically place the price target in the $35-$45 range. A return to the highs of last year’s bull market would also roughly align with this zone.

If the optimists are correct and the bulls manage to exert dominance, we might even see a surge towards the Fib level at $41, especially if we consider that this price point represents an almost 20x increase from the lows of 2024. Such a move would require substantial trading volume and a broader market-wide bullish trend to unfold.

If the optimists are correct and the bulls manage to exert dominance, we might even see a surge towards the Fib level at $41, especially if we consider that this price point represents an almost 20x increase from the lows of 2024. Such a move would require substantial trading volume and a broader market-wide bullish trend to unfold.

But Frigg also shared their own bullish thoughts on SUI, adding that they believe the project is developing something "way more serious than people realize."

After doing some research, Frigg decided to put more emphasis on the fundamental side of investing, especially in the crypto space, where narratives and hype often outpace actual utility and user activity.

"It seems like everyone is making claims of scalability and high throughput, but few are actually delivering on both simultaneously. This is what makes Sui unique," Frigg explained.

Instead of forcing every transaction through global consensus like Bitcoin or Ethereum, simple, single-owner transactions on Sui are confirmed instantly, while only the more complex, shared-state transactions go through a DAG-based consensus mechanism (Narwhal Bullshark). This design allows Sui to be fast, final, and capable of scaling without compromising performance.

The results are already evident in real-world usage. As Frigg pointed out in a recent post, on March 31st, Sui reached 2.47 million daily active addresses, making it the third most active blockchain in the entire cryptocurrency space—surpassing established networks like Tron and Polygon.

This indicates that the network is growing not just in Total Value Locked (TVL) or speculative interest, but in actual daily users, a crucial factor that's often overlooked in the heat of the moment.

In the DeFi sector, which many consider still in early development on Sui, the network has already achieved the sixth position in total DEX volume. Projects such as Cetus, Aftermath, Scallop, and Deepbook are gaining serious traction, despite limited attention from users outside the ecosystem.

This integration makes the Sui ecosystem more approachable for retail users who prioritize security through hardware wallets. Another development is SuiPlay's handheld Web3 gaming device, which has already sold over 9,000 units and is set to ship this summer.

If it delivers the smooth user experience promised for on-chain gaming, it could revolutionize adoption. And as Frigg noted, hardware distribution is an area that no other Layer 1 blockchain is currently addressing.

Perhaps most surprisingly, Canary has filed for a SUI ETF with the CBOE. If approved, this would expose Sui to traditional finance flows—the kind of development that might not cause immediate price movement but could fundamentally transform the project's trajectory over the long term.

"To summarize: speed, infrastructure, user base, major partnerships, hardware initiatives, zk privacy features, a developing DeFi stack, and potentially ETF exposure—not to mention the Move language community and DEFI institutions building on the chain. It seems like everyone is hyping up Layer 1s, but few are pivoting to integrate with hardware wallets or developing handheld gaming devices," Frigg added.

"Finally, a deep lesson from

News data source: kdj.com

The above is the detailed content of More Reasons to Be Bullish on SUI as Price Enters Prime Buying Zone. For more information, please follow other related articles on the PHP Chinese website!