SUI could be one of the most overlooked large-cap crypto setups on the market, according to analyst Michaël van de Poppe, who argued that the network’s institutional, stablecoin and technical developments have been overshadowed by a sharp decline in the token price.
In one after On His argument was not simply that SUI had become cheaper, but that the market may be underestimating the extent to which institutional rails, liquidity channels and protocol-level upgrades have evolved during the recession.
“SUI is one of the most under-discussed setups in crypto right now,” van de Poppe wrote. “While everyone saw the price drop from $5.35 to ~$0.90, this was actually being built.”
He pointed to a series of developments, including the listing of a fifth spot crypto ETP in February 2026, the go-live of CME futures and three US staking ETFs from Grayscale, Canary Capital and 21Shares. Van de Poppe also cited Nasdaq-listed SUIG deploying its entire 108.7 million SUI treasury, the launch of USDsui through Stripe’s Bridge subsidiary, cumulative stablecoin transfers surpassing $1 trillion in March, Hashi going live with its own BTC collateral and more than twenty institutions committing on day one, and the Mysticeti consensus upgrade increasing checkpoints per second from one to four.
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According to Van de Poppe, these developments challenge the view that Sui is in danger of disappearing into insignificance after a major price correction. “This is not a story chain. These are rails being laid. Therefore, the argument that the chain becomes a ghost chain makes no sense at all,” he wrote. “Every chain has had the same impact since October 10, destroying all markets.”
Analysts point to users, transactions and stablecoin foundation
In addition to key institutional developments, Van de Poppe said he was more focused on three US ETFs than just the token’s recent price action. He cited a total of 232 million users, 1.5 billion cumulative transactions, a stablecoin baseline of roughly $500 million that held up during the decline in overall value, and network revenue that he said has been consistent since launch.
The decline in TVL was a central part of his argument. According to van de Poppe, Sui’s TVL fell from $2 billion to $500 million, but the underlying asset also fell by about 70% over the same period. He described that as an important distinction for investors analyzing whether the ecosystem was experiencing heavy capital flight or whether much of the drawdown was mechanically linked to the token’s lower market price.
“Total TVL has decreased substantially, with one small caveat,” he wrote. “The TVL fell from $2 billion to $500 million. Over the same period, the underlying fell by 70%.”
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His conclusion was that the decline should not be interpreted too simplistically as an exodus from the ecosystem. “That means no money flowed out of the ecosystem; in fact, the underlying value simply fell,” Van de Poppe said. “Moreover, the reduced activity of the ecosystem is simply due to the fact that the markets as a whole are being destroyed, as trust needs to be rebuilt.”
SUI/BTC chart shows bullish divergence
Van de Poppe also included a daily SUI/BTC chart, arguing that the pair is showing signs of accumulation after a long decline. The chart marks a bullish divergence to the recent lows, followed by a sharp rise and a subsequent pullback into what he described as mean-reversion territory.
The chart shows the SUI/BTC pair near 0.000136 BTC, with a marked accumulation zone below the current area and a potential resistance zone much higher, around the 0.000207 BTC region. The annotated setup suggests that van de Poppe is monitoring whether the recent setback can serve as a basis after the escape attempt.
“The chart looks great for accumulation purposes. They announced a lot of updates to the protocol last week as they continue to ship,” he wrote. “Technically, the bullish divergence on the Bitcoin pairs appears strong and valid, pointing to more upside for SUI.”
He added that the move has already seen an initial outbreak, followed by a decline that he characterized as part of the design rather than a denial of it. “Yes, they have already had a breakout, and this has come back because it is a mean-reversion game,” Van de Poppe said. “However, this is the area where you would want to look for accumulations of those protocols, and I personally think it’s attractive to look at.”
At the time of writing, SUI was trading at $1.0896.
Featured image created with DALL.E, chart from TradingView.com