- Sui Network saw nearly 400K new accounts in a single day and over 1 million in a week, signaling strong user growth.
- Institutional adoption accelerated with VanEck’s SUI ETN in Europe and two new U.S. ETFs launching on major exchanges.
- Despite improving fundamentals, SUI faces strong resistance at $0.96, with $0.90 acting as critical support.
Sui Network has been living in two different worlds lately. On paper, it looks strong. The altcoin has secured a place inside the top 30 cryptocurrencies by market cap, and at one point it even flirted with the top 15. Yet when you look at the chart, the price keeps stalling at resistance, almost like it’s unsure whether it deserves the spotlight.
Some analysts argue SUI may be undervalued at current levels. And interestingly, three separate institutional developments in just one week have fueled speculation that a bottom could be forming. The question isn’t whether activity is rising, it clearly is. The question is whether price will finally respond.
User Growth Surges, But Signals Are Mixed
One of the clearest bright spots is user growth. According to data shared by Torero Romero on X, nearly 400,000 new accounts were created on February 20 alone. That’s a huge number, even if it sits slightly below the February 10 peak when over 400,000 accounts were registered in a single day.
What stands out more is the consistency. For about a week straight, the network averaged roughly 200,000 new accounts daily. Add it up and you’re looking at over a million new accounts joining in just days. That’s not noise, that’s traction.
Transaction speed has also held steady at around 400 transactions per second, showing the network isn’t slowing down despite broader market weakness. However, stablecoin volume on the chain has dipped, mirroring the wider contraction in USDT supply across crypto markets. So yes, activity is growing, but sentiment feels mixed. More positive than negative, still not explosive.
Institutional Momentum Builds Fast
On the institutional front, SUI has quietly stacked wins. VanEck launched a regulated Sui ETN on Deutsche Börse Xetra under the ticker VESU, opening access to European investors through a fully collateralized exchange-traded product. That’s traditional finance meeting next-gen blockchain, and it matters.
Meanwhile in the U.S., two SUI ETFs debuted within days of each other. Canary’s spot SUI ETF (SUIS) began trading on Nasdaq, while Grayscale’s GSUI launched on NYSE Arca. GSUI traded around $13.95, up 5%, and SUIS hovered near $25, also up about 5%. These listings don’t just increase visibility, they legitimize SUI in front of institutional capital pools that typically move slowly, but decisively.
It’s rare to see this level of coordinated exposure across both Europe and the United States in such a short window. That’s why some are calling this phase accumulation rather than decline.
Price Still Faces a Wall
Despite all that momentum, price action hasn’t fully confirmed the optimism. SUI recently bounced from the $0.90–$0.91 zone and is trading near $0.9394. That rebound suggests short-term buyers are stepping in, cautiously.
However, the $0.96 level remains stubborn resistance. Multiple candles have tested that area only to be rejected and pushed lower. Earlier highs near $1.04 eventually gave way to steady declines below $0.90, which signals sellers are still active on strength.
If SUI can close a solid 4-hour candle above $0.96, momentum could carry it toward $1 and possibly beyond. But if rejection happens again, support around $0.92 and $0.90 comes back into focus quickly. The fundamentals are improving. Adoption is rising. Institutional backing is expanding. Yet until price structure flips bullish, the market remains cautious, maybe even skeptical.
