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Sui, often referred to as a “Solana-killer,” continued its upward trajectory on Sunday, September 15, as sentiment in the crypto industry improved.
Sui saw a notable rise of 6.89%, reaching an intraday high of $1.10. This marks its highest level since August 12 and represents a 137% increase from its lowest point last month. This recovery positions it as one of the best-performing top 100 cryptocurrencies.
Futures Open Interest Surge
The recovery of Sui has been accompanied by strong demand in the futures market, with open interest hitting a record high. According to recent data, the interest rose to $295 million, surpassing the previous record of $289 million. This is a significant rise from August’s low of less than $60 million.
Futures open interest measures the volume of unfilled put and call orders. A higher figure indicates substantial demand among futures traders.
Most of this interest is seen among Bybit traders, followed by Binance and Bitget.
Network Growth and Developer Activity
Additional data indicates that Sui’s network is gaining traction among developers and users. The total value locked (TVL) in its decentralized finance (DeFi) sector has risen by over 16% in the last 30 days to more than $703 million. Key assets are held in 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 (DEX) platforms has increased by over 32% in the past seven days, nearing $300 million. Notable DEX platforms within its applications include Cetus, Kriya, and DeepBook.
Use Cases Beyond Crypto
Sui has also found applications outside the crypto industry. Recently, 3DOS, a manufacturer of 3D printing devices, announced that it is utilizing Sui for its quick throughput and lower transaction costs.
Price Analysis and Technical Indicators
On the daily chart, Sui has formed an inverse head and shoulders pattern, a bullish indicator. It is approaching its neckline at $1.165, its highest point in May and June, and the 38.2% Fibonacci Retracement level.
Sui has also surpassed the 50-day and 200-day Exponential Moving Averages (EMAs), while the Percentage Price Oscillator (PPO) remains above the neutral point. A breakout above the H&S neckline at $1.66 could lead to further gains, with traders targeting the 50% retracement level at $1.3190.
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