As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I must admit that the rise of Sui (SUI) has caught my attention. The coin’s recent surge to its highest level since August 12, coupled with the strong demand in the futures market, paints a picture of a promising project.
On Sunday, September 15, Sui, often referred to as a formidable competitor of Solana, observed an upward trend, as the overall mood within the cryptocurrency sector became more optimistic.
SUI reached a new peak of $1.10 today, marking its highest value since August 12, and has soared by an impressive 137% from its lowest point last month. This remarkable rebound places it among the top-performing digital currencies in the top 100.
Futures open interest jump
The simultaneous rise in coin retrieval corresponds with an unprecedented surge in the futures market demand, causing open interest to reach a new peak at $295 million. As reported by CoinGlass, this surpassed the previous record high of $289 million and marked a substantial growth from August’s minimal level of under $60 million.
The “open interest” in futures is a significant value reflecting the quantity of unfulfilled buy and sell orders (puts and calls). A larger number indicates that an asset is attracting considerable attention from futures traders. Typically, Bybit traders show the most interest, followed closely by Binance, with Bitget also featuring prominently.
New information indicates that Sui’s network is increasingly popular among developers and users. In just the past month, the total value locked within its decentralized finance sector has surged by more than 16%, reaching over $703 million. A large portion of these assets are invested in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
In the past week, Sui’s stablecoin trading volume surged beyond $364 million, marking a significant increase of over 32%. Meanwhile, the combined volume of its decentralized exchange platforms has nearly reached $300 million. Among the key platforms on these applications are Cetus, Kriya, and DeepBook.
Beyond just the cryptocurrency sector, Sui has been discovered to have applications as well. Last week, the network announced that it is being employed by 3DOS, a firm specializing in 3D printing equipment manufacturing. They chose Sui due to its fast processing speed and reduced transaction fees.
Sui price nears key resistance
On a daily basis, Sui has developed an optimistic and uncommon inverted head-and-shoulders formation, typically signaling a positive trend. It’s currently approaching its neckline at $1.165, which also marks its highest price point for May and June, as well as the 38.2% Fibonacci Retracement level.
Additionally, Sui has surpassed both its 50-day and 200-day Exponential Moving Averages, and the Percentage Price Oscillator continues to stay above the neutral mark.
As an analyst, I posit that surpassing the Head and Shoulders (H&S) neckline at approximately $1.66 could signal further upward momentum, with traders potentially aiming for the 50% Fibonacci retracement level situated around $1.3190.
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2024-09-15 19:16