Sui Network’s SUI Token Performance

Since its launch, Sui Network’s native token, SUI crypto, has been one of the best performing Layer 1 tokens despite the recent correction, with its on-chain metrics continuing to outdo its competitors.

Potential Wedge Breakout

SUI was trending in a declining wedge on a 4-hour chart, indicating an upward reversal. After breaking out of the wedge at $2.60, it posted a high of $5.50 by the close of 2024.

The uppermost resistance of the wedge decreased from $5.50 to $2.50, while the lowermost support converged from $1.50 to $2.00, showing a contracting range. A break above the resistance at $2.50 suggested heavy buying pressure for SUI. The rally might take SUI to $3.00, which would represent a substantial increase.

If SUI did not remain above $2.43, it would revert to the wedge’s upper trendline of $2.20, indicating a false breakout. A drop below $2.20 would bring it down to $2.00, negating the bullish formation. The breach of the falling wedge signified a reversal, with SUI moving toward $3.00, unless selling interest re-emerges.

SUI Crypto On-Chain Analytics

Analyzing on-chain metrics, SUI surpassed Injective in total year-to-date transactions based on a cumulative transaction count chart starting January 1, 2025. SUI hit the 100 Million transaction milestone in mid-January, while Injective lagged with only 80 Million.

By March 1, SUI reached 300M transactions, currently ahead of Injective at 280M. SUI achieved 360,088,830 transactions, narrowly surpassing Injective’s 358,469,743. This intense competition signifies that SUI increased network activity, making its ecosystem more desirable than Injective’s.

If Injective’s transaction growth continued, it could have significantly impacted SUI’s market leadership and influenced future user engagement and transaction fee structures.

SUI and TON Compete in Stablecoin Transactions

Additionally, SUI exceeded TON in total stablecoin volume transactions since February 2024. SUI volume reached the $20 Billion mark by August 2024, while TON was at $15 Billion. By November 2024, SUI surpassed the $40 Billion mark against TON’s $30 Billion, showcasing an increasing gap.

A transformative moment in March 2025 saw SUI hit an all-time high of $60 Billion, surpassing TON’s $49,462,349,931. This strong competition highlighted SUI’s growing dominance in the stablecoin market, making its ecosystem more appealing than TON’s.

The surge in transfer traffic attracted other DeFi projects to utilize SUI, further enhancing its value in the market. Meanwhile, TON’s steady growth suggests it could contend for the lead should SUI’s momentum slow, threatening its advantage in stablecoin transactions.