SUI may be one of the market’s more overlooked large-cap crypto setups, according to analyst Michaël van de Poppe, who argued that the network’s institutional, stablecoin and technical developments have been overshadowed by a steep drawdown in the token price.
In a post on X, van de Poppe said market attention had focused heavily on SUI’s decline from $5.35 to roughly $0.90, while a broader infrastructure buildout continued in the background. His argument was not simply that SUI had become cheaper, but that the market may be underpricing the extent to which institutional rails, liquidity channels and protocol-level upgrades have continued to develop during the downturn.
“SUI is one of the most under-discussed setups in crypto right now,” van de Poppe wrote. “While everyone was watching the price drop from $5.35 to ~$0.90, this is what was actually being built.”
He pointed to a series of developments including the listing of a fifth spot crypto ETP in February 2026, CME futures going live, and three US staking ETFs from Grayscale, Canary Capital and 21Shares. Van de Poppe also cited Nasdaq-listed SUIG staking its full 108.7 million SUI treasury, the launch of USDsui through Stripe’s Bridge subsidiary, cumulative stablecoin transfers crossing $1 trillion in March, Hashi going live with native BTC collateral and more than 20 institutions committing on day one, and the Mysticeti consensus upgrade raising checkpoints per second from one to four.
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For van de Poppe, those developments challenge the view that Sui risks fading into irrelevance after a major price correction. “This is not a narrative chain. This is rails being laid. That’s why arguing that the chain becomes a ghost chain doesn’t make sense at all,” he wrote. “Every chain has had the same impact since October 10th, which destroyed all the markets.”
Analyst Points To Users, Transactions And Stablecoin Base
Beyond the headline institutional developments, van de Poppe said he was more focused on three US staking ETFs than the token’s recent price action alone. He cited 232 million total users, 1.5 billion cumulative transactions, a roughly $500 million stablecoin baseline that held through the drawdown in total value locked, and network revenue that he said has been running consistently since launch.
The TVL decline 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 dropped by about 70% over the same period. He framed that as an important distinction for investors analyzing whether the ecosystem experienced heavy capital flight or whether much of the drawdown was mechanically tied to the token’s lower market price.
“The overall TVL has dropped substantially, with a slight caveat,” he wrote. “The TVL dropped from $2 billion to $500M. In the same period, the underlying asset dropped by 70%.”
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His conclusion was that the decline should not be read too simplistically as an exodus from the ecosystem. “That means there wasn’t any money flowing out of the ecosystem; in fact, the underlying value just dropped,” van de Poppe said. “Additionally, the ecosystem’s reduced activity is simply due to the markets being destroyed as a whole, as confidence needs to be rebuilt.”
SUI/BTC Chart Shows Bullish Divergence
Van de Poppe also attached a SUI/BTC daily chart, arguing that the pair is showing signs of accumulation after a long decline. The chart marks a bullish divergence into the recent lows, followed by a sharp move higher and a subsequent pullback into what he described as a mean-reversion area.
On the chart, the SUI/BTC pair is shown near 0.000136 BTC, with a highlighted 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 watching whether the recent pullback holds as a base after the breakout attempt.
“The chart looks great for accumulation purposes. They announced many updates to the protocol last week as they keep shipping,” he wrote. “Technically, the bullish divergence on the Bitcoin pairs looks strong and valid, suggesting more upside for SUI.”
He added that the move has already seen an initial breakout, followed by a pullback that he characterized as part of the setup rather than a negation of it. “Yes, they have already had a breakout, and this has come back down because it’s a mean-reversion play,” van de Poppe said. “However, this is the area where you’d want to look for accumulations on those protocols, and I personally think it is an attractive one to look at.”
At press time, SUI traded at $1.0896.
Featured image created with DALL.E, chart from TradingView.com