SUI may be one of the most overlooked large-cap cryptocurrency ecosystems on the market, according to analyst Michael van de Poppe, who argued that the network’s institutional, stablecoin and technical developments have been overshadowed by the sharp decline in the token’s price.
In a mail At His argument was not simply that SUI had become cheaper, but that the market may have underestimated the extent to which institutional rails, liquidity channels, and protocol-level updates had persisted during the recession.
“SUI is one of the most under-discussed cryptocurrency setups at the moment,” Van de Poppe wrote. “While everyone was watching the price drop from $5.35 to roughly $0.90, that was what was actually built.”
He pointed to A A series of developments Including the listing of an ETF on the fifth point in February 2026, the start of CME futures contracts, and Three US-based ETFs From Grayscale, Canary Capital and 21Shares. Van de Poppe also cited Nasdaq-listed SUIG acquiring SUI’s entire treasury of 108.7 million, the launch of USDsui through Stripe’s Bridge subsidiary, cumulative stablecoin transfers exceeding $1 trillion in March, Hashi’s launch with native BTC collateral and over 20 institutions committing on day one, and the Mysticeti consensus upgrade to raise per-second checkpoints from one point to four.
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For Van de Poppe, these developments challenge the view that SUI risks fading into insignificance after a major price correction. “This is not a narrative series. This is just rails being laid. That is why saying that the series becomes a ghost series makes no sense at all,” he wrote. “Every series has had the same impact since October 10Which led to the destruction of all markets.”
The analyst refers to the users, transactions and base of stablecoins
Beyond major institutional developments, Van de Poppe said he was more focused on them Three US-based ETFs From the recent price action of the token alone. He cited 232 million total users, 1.5 billion cumulative transactions, a stablecoin baseline of roughly $500 million, which has held up through the drawdown in total value locked, and network revenue that he said has been running consistently since launch.
The decline in TVL was a key part of his argument. According to Van de Poppe, Sui’s TVL fell from $2 billion to $500 million, but the underlying assets also fell by about 70% over the same period. He framed this as an important distinction for investors analyzing whether the ecosystem has experienced significant capital flight or whether a significant portion of the withdrawal is mechanically linked to the low market price of the token.
“Total TVL has declined significantly, with little caveat,” he wrote. “TVL fell from $2 billion to $500 million. In the same period, the underlying assets declined by 70%.”
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His conclusion was that this decline should not be read too simplistically as a mass exodus from the ecosystem. “This means that there was no money flowing out of the ecosystem; in fact, the underlying value just decreased,” Van de Poppe said. “In addition, the decline in ecosystem activity is simply due to the destruction of markets as a whole, where trust needs to be rebuilt.”
SUI/BTC chart is showing bullish divergence
Van de Poppe also attached a daily chart of SUI/BTC, arguing that the pair is showing signs of accumulation after a long decline. The chart indicates an upward divergence to the recent lows, followed by a sharp move higher and a subsequent pullback to what is described as a mean retracement zone.
On the chart, the SUI/BTC pair appears near 0.000136 BTC, with a distinct accumulation area below the current area and a potential resistance area much higher, around the 0.000207 BTC area. The annotated setup suggests that Van de Poppe is watching whether the recent pullback will hold as a base after the breakout attempt.
“The chart looks great for backlog purposes. They announced several updates to the protocol last week as they continue to ship,” he wrote. “Technically, the bullish divergence in Bitcoin pairs looks strong and valid, indicating further upside for SUI.”
He added that the movement had already witnessed an initial breakthrough, followed by a decline, which he described as part of the preparation and not a denial of it. “Yes, they have already had a breakthrough, and this has taken a backseat because it is a mid-range bounce play,” Van de Poppe said. “However, this is an area where you want to look for accretions on those protocols, and I personally think it’s an attractive area to look into.”
At press time, SUI was trading at $1.0896.
Featured image created with DALL.E, a chart from TradingView.com
