Sui Continues to Soar with Record High Open Interest
Sui, the cryptocurrency often dubbed as the “Solana-killer,” has been on a remarkable upward trajectory in recent days, showcasing impressive gains and attracting significant attention within the crypto industry. On September 15th, Sui (SUI) surged to an intraday high of $1.10, marking its highest level since August 12th and a staggering 137% increase from its lowest point just a month ago. This recovery has positioned Sui as one of the best-performing cryptocurrencies among the top 100 digital assets.
Futures Market Surge
The surge in Sui’s price has been accompanied by a substantial increase in open interest in the futures market. According to data from CoinGlass, futures open interest for Sui has surged to a record high of $295 million, surpassing the previous peak of $289 million. This surge in open interest signifies a growing demand for Sui among futures traders and reflects a bullish sentiment towards the cryptocurrency. Bybit traders have shown the most interest in Sui futures, followed by Binance and Bitget.
Growing Network Traction
In addition to its price surge and increased futures open interest, Sui’s network is also gaining traction among developers and users. The total value locked in Sui’s decentralized finance (DeFi) industry has seen a significant uptick of over 16% in the last 30 days, reaching a total of over $703 million. The majority of these assets are locked in platforms such as NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
Sui’s stablecoin volume has surged to over $364 million, while the volume of its decentralized exchange platforms has seen a notable increase of over 32% in the past week, reaching nearly $300 million. Leading decentralized exchange platforms within the Sui ecosystem include Cetus, Kriya, and DeepBook.
Diversified Use Cases
Beyond the crypto industry, Sui has also found practical applications in other sectors. Recently, 3DOS, a manufacturer of 3D printing devices, announced that it has selected Sui for its network due to its fast throughput and lower transaction costs. This adoption outside of the traditional crypto realm underscores Sui’s versatility and potential for real-world utility.
Technical Analysis and Price Outlook
On the technical front, Sui has displayed a promising inverse head and shoulders pattern on the daily chart, a pattern that is typically seen as a bullish signal. The cryptocurrency is now approaching its neckline at $1.165, a key resistance level that represents its high points from May and June, as well as the 38.2% Fibonacci Retracement point.
Moreover, Sui has surpassed both the 50-day and 200-day Exponential Moving Averages, indicating strong bullish momentum. The Percentage Price Oscillator remains above the neutral point, further supporting the bullish outlook for Sui’s price action.
With a potential breakout above the inverse head and shoulders neckline at $1.66, traders are eyeing further upside potential, targeting the 50% retracement point at $1.3190. This technical analysis suggests that Sui’s price could continue its upward trajectory in the coming days, driven by positive market sentiment and growing demand for the cryptocurrency.
In conclusion, Sui’s recent price surge, record-high open interest in the futures market, and expanding network traction all point towards a bullish trend for the cryptocurrency. With its diverse use cases and technical strength, Sui is positioning itself as a strong contender in the ever-evolving crypto landscape.