SUI may be one of the more overlooked large-cap cryptocurrency setups in the market, according to analyst Michaël van de Poppe, who argued that the network’s institutional development, stablecoin development, and technical development of the network have been overshadowed by the token’s piercing decline in price.
In post in the case of His argument was not simply that SUIs had become cheaper, but also that the market could be underpricing to the extent that institutional rails, liquidity channels and protocol-level improvements continued to develop during the downturn.
“SUI is one of the most underrated configurations in cryptocurrencies today,” van de Poppe wrote. “While everyone watched the price drop from $5.35 to ~$0.90, that was actually what was being built.”
He pointed to a number of developments, including the listing of the fifth spot cryptocurrency ETP in February 2026, the opening of CME futures, and three U.S. staking ETFs from Grayscale, Canary Capital and 21Shares. Van de Poppe also cited Nasdaq-listed SUIG betting its full SUI vault of 108.7 million, the launch of USDsui through subsidiary Stripe’s Bridge, cumulative stablecoin transfers exceeding $1 trillion in March, the launch of Hashi with its native BTC collateral and over 20 institutions involved in transactions since day one, and the Mysticeti consensus update raising the number of checkpoints per second from one to four.
According to van de Poppe, these changes challenge the view that Sui may lose relevance after a significant price correction. “This is not a narrative chain. It is laying rails. Therefore, the claim that the chain will become a ghost chain makes no sense,” he wrote. “Since October 10, every network has had the same impact that has devastated all markets.”
The analyst points to users, transactions and the Stablecoin base
Outside of the major institutional events, van de Poppe said he was more focused on the three U.S. ETFs than the token’s recent price action itself. He cited 232 million users, 1.5 billion cumulative transactions, an underlying stablecoin worth around $500 million that has held until the total locked value is withdrawn, and network revenue that he says has remained consistent since launch.
The decline of TVL was a central part of his argument. According to van de Poppe, TVL Sui fell from $2 billion to $500 million, but the underlying assets also fell by about 70% over the same period. He saw this as an crucial distinction for investors analyzing whether there was significant capital flight in the ecosystem or whether a significant portion of the payouts were mechanically tied to the token’s lower market price.
“Overall TVL numbers have dropped significantly, with a caveat,” he wrote. “TVL dropped from $2 billion to $500 million. Over the same period, the value of the underlying asset dropped by 70%.”
He concluded that this decline should not be interpreted too simplistically as an exodus from the ecosystem. “This means that no money has flowed out of the ecosystem, and in fact the underlying value has simply declined,” van de Poppe said. “Moreover, the reduced ecosystem activity is simply due to the destruction of markets as a whole, as trust needs to be rebuilt.”
The SUI/BTC chart shows a bullish divergence
Van de Poppe also included a daily chart of SUI/BTC, arguing that the pair is showing signs of accumulation after a long decline. The chart shows a bullish divergence towards recent lows, followed by a piercing move higher and a subsequent pullback to what he described as a mean reversion area.
On the chart, the SUI/BTC pair is shown near 0.000136 BTC, with an accumulation zone highlighted below the current area and a potential resistance zone much higher around the 0.000207 BTC area. The setup described suggests that van de Poppe is watching to see if the recent pullback holds as a base after an attempted breakout.
“The chart looks great for accumulation purposes. Multiple protocol updates were announced last week as shipping continues,” he wrote. “Technically speaking, the bullish divergence on Bitcoin pairs looks strong and justified, suggesting more upside for SUI.”
He added that the movement had already seen an initial breakout, followed by a pullback, which he described as part of the setup, not its denial. “Yes, there has already been a break, but it has gone back down because it is a game of turning around from a bad situation,” van de Poppe said. “However, this is an area where you should look for buildup in these protocols, and I personally think it’s an attractive area to watch.”
At press time, SUI was trading at $1.0896.
Featured image created with DALL.E, chart from TradingView.com
