SUI Crypto Flips NEAR On This Front, But Is it Enough To Spark Rally?

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Sui Network continued to show bullish market sentiment looking through the on-chain lens while the price action also looked like it was back.

SUI Flips NEAR as its DeFi Activities Thrive

The native token of Sui Network, SUI jumped over NEAR Protocol marked a significant momentum in the stablecoin market as shown in the comparison from December 2024 to March 2025.

SUI’s stablecoin market cap was around $300M in December 2024, while NEAR’s was above $600M.

During January 2024, SUI was at $400M, however, NEAR was still ahead with $600M.

This position was turned around the start of 2025 as SUI hit over $500M in February but NEAR fell down to $550M.

In March, SUI crypto went above with the $695M threshold, as it turned out that NEAR’s market cap was at $693M. SUI’s unexpectedly performed versus NEAR and its previous domination.

SUI v NEAR stablecoin market cap | Source: Torero Romero

The fact that SUI leaped from 200M to $695M in a little bit over a year indicated that SUI succeeded in drawing a lot of interest and attracting confident investors, thus positioning itself as a potential high-layer-1 blockchain competitor.

For SUI crypto, the fact that it had outpaced NEAR surely must have crowned the blockchain’s name and brought in more developers and users, whereas NEAR’s slight downfall may point out that some strategic changes were needed to regain its leadership.

SUI Crypto DeFi Ecosystem

The DeFi ecosystem of SUI also showed exponential growth after reaching a high point in March 2025.

Its TVL rose linearly, from its low at the end of December 2023 to its peak January 2025, at about $3.00 Billion.

For March, 2025, SUI’s TVL was at $1.92 Billion, on top of NEAR Protocol’s $445 Million in TVL.

This was a notable turning point, as all of SUI-defi’s most metrics displayed a great trend that was in the direction of adoption.

The application revenue had gone over the roof to nearly $60k during the span of 24 hours while at the decentralized exchange volume had also jumped, signifying the vigorous activity which the investors seemed confident in the SUI-DeFi infrastructure.

SUI Potential Breakout

SUI crypto drew a decreasing wedge on the daily chart, a pattern under normal circumstances to signal a break out bullish.

Price broke at approximately $2.40 level of the resistance of the wedge, and that might be signaling a change of momentum.

Ichimoku Cloud showed resistance at the front with price below the cloud. The clean break of $2.90 might signal further increase with the next level at $3.50.

Aside from that, taking back the old range at about $5.00 would be within reach if volume picks up.

Breakdown below the cloud resistance and failure to stay above $2.40, however, could lead to a test of key supports. The nearest support was at $2.00, the lower volume profile band.

Further declines could lead to a drop to $1.42, a solid demand area. The EMA cluster at $2.50 signaled a turning point—a breakout above resistance or rejection to lower levels.

If SUI crypto sustained its breakout and closed on a daily candle above $3.00, bullish momentum would continue to build.

Failure to break above resistance, however, would have it consolidate or reverse back towards $1.50.

The next few sessions would be critical in determining whether the buyers could hold on.



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