Sui On-Chain Activity Surges as TVL Rebounds 22.5%

The Sui network is experiencing a significant uptick in fundamental activity, even as its token price lags. Reports from March 25, 2026, confirm a sharp rise in user engagement, with new daily accounts spiking to nearly 800,000 at one point in recent weeks. This user growth is complemented by a strengthening DeFi ecosystem. According to data from DeFiLlama, Sui's Total Value Locked (TVL) has increased 22.5% over the last two weeks, climbing from $542 million to $664 million. This revival in locked capital indicates renewed user deposits and engagement with the network's decentralized applications.

This growth occurs within a competitive landscape. Rival Layer 1 network Mantle recently announced its TVL crossed $755 million, surpassing Sui. However, Sui's momentum is bolstered by the upcoming launch of a major protocol designed to dramatically expand its utility.

SUI Token Slips to $0.92 as Bear Flag Signals Further Downside

Despite the positive on-chain metrics, the SUI token's price tells a different story. The token is currently trading around $0.92, having plunged from $1.08 in the last 48 hours. This downturn is largely attributed to a broader market sell-off triggered by a cautious stance from the U.S. Federal Reserve. Fed Chair Jerome Powell's comments on March 18th regarding persistent inflation created a risk-off environment that impacted most cryptocurrencies.

Technical analysis suggests the potential for further declines. The SUI price chart has formed a bearish flag, a classic continuation pattern that points to downside risk. If the price breaks below the pattern's support, it could accelerate selling pressure and drive a 14.5% drop to the $0.79 support level. The Relative Strength Index (RSI) hovering around the 50% mark indicates a neutral market sentiment, suggesting a tug-of-war between bullish fundamentals and bearish market pressures.

Hashi Protocol to Unlock Bitcoin DeFi on Sui

A significant long-term catalyst for the Sui ecosystem is the development of Hashi, a new protocol designed to integrate Bitcoin into decentralized finance. Announced on March 19, Hashi aims to allow Bitcoin holders to lend, borrow, and earn yield on their assets directly on the Sui blockchain, tapping into Bitcoin's over $1 trillion market capitalization, of which less than 0.5% is currently used in DeFi.

The project has already secured commitments from major industry institutions, including BitGo, Bullish, FalconX, and Ledger, which plan to provide liquidity and support the platform. By enabling institutional-grade Bitcoin-backed lending and yield generation, Hashi is positioned to attract significant capital and activity to Sui, potentially serving as a powerful driver for the network's long-term value proposition irrespective of short-term price volatility.