Despite a 4.85% decline in the past week, Sui [SUI] has started to rebound, showing a modest 0.69% increase in the last 24 hours.
This recovery adds to its impressive monthly growth rate of 77.91%, indicating a robust upward trend.
Both on-chain metrics and market sentiment point towards sustained momentum. Analysts suggest that if these positive trends continue, the altcoin’s rally could extend further.
SUI Emerges Strong with $23.8M Netflow
SUI has recorded a substantial chain netflow of $23.8 million within the last 24 hours, as reported by Artemis data.
This positions the coin ahead of major blockchains like Arbitrum [ARB], Solana [SOL], Bitcoin [BTC], and Optimism [OP], showcasing a surge in market activity and investor confidence.
A chain netflow of $23.8 million represents the net transfer of funds into or out of SUI during this period, indicating growing demand for SUI.
Positive netflow signals bullish sentiment, suggesting potential price appreciation.
SUI recently announced a partnership with Franklin Templeton, a trillion-dollar asset management firm, to further enhance the coin’s ecosystem and attract institutional interest.
Record High Open Interest for SUI
SUI has reached its peak Open Interest (OI) level, soaring to $858.43 million currently.
This milestone reflects increased demand for the asset, showcasing heightened trader activity and a growing interest in its derivatives market.
OI measures the total number of outstanding derivative contracts and provides insights into market sentiment and demand.
Higher OI, like SUI’s 3.56% rise, often indicates increased market participation and investor confidence in the asset’s future performance.
Meanwhile, SUI has seen a negative Exchange Netflow of $8.23 million over the past 24 hours, implying more SUI withdrawals than deposits on crypto exchanges, potentially leading to a reduction in circulating supply.
This trend indicates a shift towards long-term holding rather than selling pressure, with reduced SUI on exchanges that could further drive up demand and price momentum.
A Pause Before SUI’s Next Move
Anticipated upward movement for SUI may face delays as the Long-to-Short ratio currently sits below one at 0.9227, suggesting more short positions than long positions, which could restrict upward momentum.
This bearish sentiment among derivative traders could temporarily suppress prices or slow down a rally for SUI.
However, if overall market sentiment remains positive, the altcoin could still gather momentum and trigger an uptrend, especially if key indicators align to support positive price movements.