An analysis of the recent data reveals that the Total Value Locked (TVL) in Sui [SUI] has experienced a threefold increase since August 5th, reaching an impressive $1.03 billion. This substantial surge in TVL aligned with SUI’s price reaching $2.01, marking a 10.77% jump at the current moment.
Consequently, the simultaneous rise in TVL and price surge has ignited discussions about the potential expansion of Sui’s ecosystem.
Can SUI Sustain Levels Above Key Resistance Points?
SUI has managed to surpass crucial resistance levels, leading traders to anticipate a potential breakout. As of now, the next notable resistance level stands at $2.135 as per the Bollinger Bands, indicating a contraction in volatility. Furthermore, with the RSI at 59.34, the market sentiment remains bullish without being deemed overbought.
Nevertheless, a nearing RSI of 70 could trigger a short-term pullback. It is recommended for traders to diligently monitor these technical signals to assess whether SUI can uphold its upward trajectory or face a corrective phase.
Major Holders and Their Influence – Will Large Investors Sustain the Surge?
Currently, the top holders of SUI account for 55.93% of the circulating supply, as highlighted in the accompanying dataset. While there has been a slight reduction in whale activity compared to previous levels, they still wield a substantial segment of the supply.
Hence, the decisions made by these major holders are likely to play an essential role in shaping SUI’s future price actions. Will these substantial investors maintain their positions to stabilize prices, or could potential sell-offs introduce increased volatility?
Surging Open Interest in SUI – What Implications Does It Hold for the Token’s Price?
In addition, the Open Interest for SUI has surged by 15.36%, reaching $518.27 million in the charts. This upswing indicates a growing level of confidence and speculative interest surrounding the token in the market.
Furthermore, heightened Open Interest typically correlates with increased liquidity, which can act as a support level for existing price points and extend the ongoing rally.
Impact of OI-Weighted Funding Rate – Is Bullish Sentiment Prevailing in the Market?
Lastly, the OI-weighted funding rate for SUI has shifted positively to 0.0037%, indicating a bullish sentiment among traders. When long positions demand a premium, as seen currently, it often reflects confidence in the token’s upward trajectory.
However, this scenario may lead to potential over-leveraging, potentially resulting in short-term selling pressure if liquidations ensue.
Is SUI Poised for Its Next Upsurge?
Given the confluence of rising TVL in SUI, significant Open Interest, and positive funding rates, the token appears well-placed for further advancement. Yet, clearing the $2.135 resistance barrier is imperative for SUI to sustain its upward drive.
If market conditions remain favorable, SUI could be on the brink of a substantial expansion in the near future.