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Kriptoteka > Market > DEX > Sui’s Bullish Pattern Emerges Amid Record Open Interest Surge
DEX

Sui’s Bullish Pattern Emerges Amid Record Open Interest Surge

marcel.mihalic@gmail.com
Last updated: September 16, 2024 2:03 am
By marcel.mihalic@gmail.com 3 Min Read
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Sui, the well-known contender to Solana, continued its upward trajectory on Sunday, September 15, buoyed by a positive shift in the crypto market sentiment.

Sui (SUI) surged to an intraday peak of $1.10, marking its highest value since August 12, and representing a 137% increase from its lowest level last month. This rebound positions it among the top-performing cryptocurrencies in the top 100 list.

Surge in futures open interest

The recovery of the coin has correlated with robust demand in the futures market, where open interest has soared to an unprecedented high. As reported by CoinGlass, open interest climbed to $295 million, surpassing the previous peak of $289 million. This reflects a significant rise from August’s low of under $60 million.

Futures open interest is a crucial metric that assesses the volume of unfilled put and call orders. An uptick typically indicates growing demand for the asset among futures traders. The majority of this interest comes from Bybit traders, followed by Binance and Bitget.

Sui open interest
Sui open interest | Source: CoinGlass

Further data indicates that Sui’s network is gaining popularity among developers and users alike. The total value locked in its DeFi ecosystem has increased by more than 16% over the past 30 days, exceeding $703 million. A significant portion of these assets are held in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.

Sui’s stablecoin volume has surged to over $364 million, while its decentralized exchange platforms have seen a more than 32% increase in volume over the last week, approaching $300 million. The leading DEX platforms in its ecosystem include Cetus, Kriya, and DeepBook.

Sui has also established its utility beyond the crypto realm. Last week, the network announced its collaboration with 3DOS, a maker of 3D printing technologies. The decision to utilize Sui was driven by its rapid transaction speeds and reduced costs.

Sui price approaches critical resistance

Sui price
Sui price chart | Source: TradingView

On the daily chart, Sui has developed a promising and rare inverse head and shoulders pattern, which is often viewed as a bullish indicator. It is currently approaching its neckline at $1.165, the peak observed in May and June, as well as the 38.2% Fibonacci Retracement level.

Sui has also moved above both the 50-day and 200-day Exponential Moving Averages, with the Percentage Price Oscillator remaining above neutral territory.

Consequently, a breakout past the H&S neckline at $1.66 could trigger further upward movement as traders aim for the 50% retracement level at $1.3190.

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