SUI Network (SUI) has witnessed a remarkable rebound in May, propelling it among the top 10 altcoins in terms of market capitalization (excluding stablecoins).

Although SUI's market cap is still relatively modest compared to other Layer 1 networks, it is gaining attention for its unique appeal to users.

Sui On-Chain Activity Surge in May

On-chain data from Artemis reveals that since the start of the year, SUI Network has been adding over 1 million new wallet addresses daily. These new addresses represent more than 80% of the total daily active addresses.

The data indicates a sharp rise in new addresses on SUI starting in mid-February. The daily active addresses have consistently remained above 1.5 million per day.

In comparison, BNB Chain has an average of approximately 1 million daily active addresses, despite BNB's market cap being seven times higher than SUI's.

SUI's growth extends beyond wallet creation, with DefiLlama data demonstrating that the daily trading volume on SUI's DEXs has consistently surpassed $400 million in 2025.

Furthermore, the market cap of stablecoins on SUI has doubled since the beginning of the year, currently exceeding $900 million — its highest level to date.

These metrics highlight a notable surge in user demand within the SUI network. Institutional investments in SUI have reportedly surpassed those in Solana, according to a recent report by BeInCrypto.

Positive developments for SUI also stem from strategic partnerships. In early May, 21Shares, a leading crypto exchange-traded product provider, announced a collaboration with SUI Network to expand the ecosystem globally.

"We see Sui as having the necessary technical foundations, DeFi and developer ecosystems, and institutional support to play a significant role in the crypto sphere for years to come," stated Federico Brokate, Head of US Business at 21Shares.

Driven by these favorable signals, some analysts anticipate SUI's price to rebound to $5 or higher in the near future. BeInCrypto's analysis suggests a potential price increase upon confirmation of a golden cross.

As of the latest update, SUI is trading around $3.25, marking a recovery of almost 90% from its low in April at $1.73.