Market Sentiment Boosts Sui Price
Sui, often referred to as the Solana-killer, saw a significant price increase on Sunday, Sep. 15, benefiting from a positive sentiment shift in the cryptocurrency industry. The coin surged to $1.10, marking its highest level since Aug. 12 and a remarkable 137% increase from its recent low. This impressive recovery positions Sui as one of the top-performing cryptocurrencies within the top 100 rankings.
Futures Open Interest Surges
Sui’s price recovery aligns with a notable uptick in open interest in the futures market, which has now reached a record high. The data from CoinGlass indicates that open interest has soared to $295 million, surpassing the previous peak of $289 million. This surge in interest signifies strong demand for Sui among futures traders, with Bybit, Binance, and Bitget leading the way in terms of trading activity.
Enhanced Network Growth and Utility
Recent data highlights the growing traction of Sui’s network among developers and users, as evidenced by a 16% rise in total value locked in its decentralized finance sector over the past month, now exceeding $703 million. The network’s stablecoin volume has surged past $364 million, while its decentralized exchange platforms have experienced a significant 32% increase in volume in the last seven days, amounting to nearly $300 million. Additionally, Sui has expanded its utility beyond the crypto realm, with companies like 3DOS leveraging its efficient throughput and cost-effective transactions.
