Sui Develops Uncommon Bullish Trend as Open Interest Reaches Record Levels

Sui, the popular Solana-killer, continued rising on Sunday, Sep. 15 as sentiment in the crypto industry improved.
Sui (
SUI
) jumped to an intraday high of $1.10, its highest level since Aug. 12, and 137% above its lowest point last month. This recovery makes it one of the best-performing top 100 cryptocurrencies.
Futures open interest jump
The coins recovery has coincided with strong demand in the futures market, where open interest has jumped to a record high. According to
CoinGlass
, the interest rose to $295 million, crossing the previous record high of $289 million. It is a significant increase from August’s low of less than $60 million.
Futures open interest is an important number that looks at the volume of unfilled put and call orders. A higher figure is a sign that an asset is seeing substantial demand among futures traders. Most of this interest is among Bybit traders followed by Binance, and Bitget.
Sui open interest | Source:
CoinGlass
Additional
data shows
that Sui’s network is gaining traction among developers and users. The total value locked in its decentralized finance industry has risen by over 16% in the last 30 days to over $703 million. Most of these assets are in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
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Sui’s stablecoin volume has jumped to over $364 million while the volume of its decentralized exchange platforms has jumped by over 32% in the last seven days to almost $300 million. The most
notable DEX
platforms in its applications are Cetus, Kriya, and DeepBook.
Sui has also found use cases outside the crypto industry. In a statement last week, the network said that it was being used by 3DOS, a manufacturer of 3D printing devices. The company selected Sui because of its quick throughput and lower transaction costs.
Sui price nears key resistance
Sui price chart | Source:
TradingView
On the daily chart, Sui has formed an encouraging and rare inverse head and shoulders pattern, which is often a bullish sign. It is now nearing its neckline at $1.165, its highest point in May and June and the 38.2% Fibonacci Retracement point.
Sui has also jumped above the 50-day and 200-day Exponential Moving Averages while the Percentage Price Oscillator has remained above the neutral point.
Therefore, a break above the H&S neckline at $1.66 will likely lead to more upside as traders target the 50% retracement point at $1.3190.
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