TLDR
- SUI recorded highest stablecoin inflows ($6.1 million) among all blockchains in 24 hours
- Open interest surged 30.64% to $785.35 million, showing aggressive positioning in derivatives market
- SUI price up 12.82% to $2.16, forming a cup and handle pattern with $2.23 as key resistance
- Technical target for breakout is $5.30, representing 120% gain potential from current price
- Growing fundamentals include DeFi volume ranking 6th overall and partnership with Franklin Templeton
Sui (SUI) has emerged as a standout performer in recent market activity, recording the highest stablecoin inflows among all blockchains in the past 24 hours. The cryptocurrency has gained 12.82% in the last day, trading at $2.16 as investors watch for a potential breakout above key resistance levels.
The $6.1 million net increase in stablecoin inflows to Sui is particularly notable as it comes when most chains like Ethereum, Solana, and BNB Chain are experiencing outflows. This suggests possible capital rotation toward SUI and growing investor confidence in its near-term outlook.
These stablecoin movements often serve as “dry powder” that can be deployed into native assets, potentially creating upside pressure on price. The surge in liquidity could be a precursor to increased on-chain activity and demand for the token.
Derivatives Market Signals Strong Speculative Interest
SUI’s derivatives market has shown exceptional activity with open interest surging by 30.64% to reach $785.35 million. This sharp increase highlights aggressive positioning as traders prepare for potential price volatility.
Unlike spot market activity, rising open interest reflects speculative intent, with traders either hedging positions or making leveraged directional bets. When combined with increasing stablecoin inflows, this typically suggests a bullish outlook.
The futures market has also seen significant liquidation events, with $860,600 in long positions liquidated compared to just $269,300 in shorts over the last 24 hours. These liquidations occurred primarily on major exchanges like Binance and OKX.
Rather than indicating weakness, these liquidation events often serve as reset mechanisms that clear excessive leverage from the market. This can set the stage for more sustainable price movements going forward.
Technical Pattern Points to Higher Targets
SUI’s price action has formed a classic cup and handle pattern on the daily chart, a formation typically associated with bullish continuation. The handle portion appears to be forming within a descending wedge, with $2.23 identified as the critical breakout point.
However, buyers have yet to secure a strong candle close above this resistance level. If momentum holds and price successfully breaks out, technical analysts have identified $2.80 as the next significant target, with more optimistic projections reaching as high as $5.30.
This potential move to $5.30 would represent a 120% gain from current price levels. The recent 17.57% surge from $1.87 to $2.27 has already confirmed upward price momentum and increasing buying pressure.
Market Sentiment Turning Positive
SUI’s OI-weighted funding rate has turned slightly positive at 0.0087% as of April 10. This indicates that traders are now paying premiums to hold long positions, reinforcing the presence of bullish sentiment despite recent market volatility.
The Relative Strength Index (RSI) currently sits at 48.23, just below the neutral 50 level. This suggests that SUI is neither overbought nor oversold and has room to rise further. A cross above the 50 mark would signal growing buying strength and potentially confirm a new uptrend.
Additionally, the Cumulative Volume Delta (CVD) shows green bars, indicating that buying pressure now exceeds selling pressure. This volume confirmation strengthens the case for continued upward movement.
Fundamental Growth Supports Price Outlook
Beyond price action, SUI’s fundamentals have shown impressive growth. The project recently ranked 6th in DeFi volume among all assets over the past month, demonstrating increasing interest and adoption of its ecosystem.
Strategic partnerships have also bolstered SUI’s position, including a collaboration with Franklin Templeton. Canary’s recent ETF filing related to SUI indicates growing institutional interest in the cryptocurrency.
Network activity remains robust with 2.5 million active users reported in the past month. This strong user base suggests healthy adoption and provides a foundation for potential price appreciation.
Most trading activity occurs on major exchanges Bybit and Binance, which dominate the open interest in SUI derivatives. Any significant movements or liquidations on these platforms could substantially impact SUI’s price in the near term.
For investors watching SUI, the key level to monitor remains $2.23. A decisive break above this resistance could confirm the bullish pattern and open the path toward higher targets.
While the technical setup appears constructive, confirmation through sustained trading above resistance levels will be essential before a definitive breakout can be called.
