SUI Soars: The Blockchain Breaking Records
Stablecoin deposits soar to $6.1 million in the SUI market, with open interest climbing by 30%
Here's a breakdown of the current issues surrounding the SUI (Sui) blockchain.
Blockchain Dominance
In an unexpected turn of events, SUI has claimed the top spot for stablecoin inflows among all blockchains, recording an impressive $6.1 million in a single day. Major competitors like Ethereum, Solana, and BNB Chain are experiencing outflows instead. This trend suggests a clear shift in investor confidence and could indicate a capital rotation toward SUI.
Unyielding Momentum
Despite market fluctuations, SUI's price has surged by 12.82%, reaching a new high of $2.16. This increase has formed a cup and handle pattern, with a potential breakout just above the $2.23 resistance level. If this occurs, traders anticipate a significant price increase, with technical targets set at $5.30 – a 120% gain from the current price.
Market Momentum
SUI's derivatives market has seen a surge in open interest, rapidly growing by 30.64% to reach $785.35 million. This increase in activity showcases aggressive positioning by traders, who are preparing for potential price volatility. The futures market has also experienced significant liquidation events, with $860,600 in long positions left liquidated compared to only $269,300 in shorts over the last 24 hours.
Potential for Further Growth
Fundamentals supporting SUI's growth include:
- A DeFi volume ranking of 6th overall
- Strategic partnerships, such as the collaboration with Franklin Templeton
- A robust user base of 2.5 million active users
- High trading activity on major exchanges like Bybit and Binance
With the key level to monitor being $2.23, a break above this resistance could confirm the bullish pattern and open the path toward higher targets.
Future Perspectives
Analysts predict that if SUI breaks through the $3.90 resistance, the price could reach between $4.20 and $4.50 in May 2025. As we move into June, the price could reach up to $8.3 to $9, and in July, between $9.5 and $10. The long-term forecast predicts a range of $4.1 to $10.1 in 2026, with a potential peak price of $14.4 in 2030.
However, it's crucial to remember that these predictions are subject to potential market volatility and external factors. Keep an eye on this dynamic situation, and stay up-to-date with the latest news affecting SUI.
Investing in cryptocurrencies like SUI might be an opportunity with its recent surge in Ethereum's traditional market dominance. The technology behind SUI, blockchain, has exhibited unyielding momentum, leading to a cup and handle pattern, with potential breakouts at $2.23, encouraging finance experts to consider investing in SUI derivatives, with a forecasted price increase reaching $5.30, a 120% gain from the current price.
