SUI leads top gainers as open interest hits all-time high

Sui, typically dubbed the Solana-killer, continued rising on Oct. 8 amid a file surge in its futures market.
Sui (SUI) jumped to an intraday excessive of $2.14, its highest worth stage in six months, and 181% above its lowest level final month. This restoration made it the main gainer among the many high 100 cryptocurrencies by market cap on Oct. 8.
At press time, Sui’s market cap stood at $5.46 billion, whereas its day by day buying and selling quantity had greater than doubled to $2.26 billion.
Key developments fuelling development
A key catalyst for Sui’s restoration has been the numerous demand within the futures market. Data from CoinGlass reveals that Sui’s open curiosity soared to an all-time excessive of $564 million on Oct. 8, surpassing the earlier file of $502 million. This can be a dramatic rise from September’s lows, the place open curiosity hovered beneath $140 million, suggesting a considerable inflow of speculative capital.
Futures open curiosity measures the quantity of excellent contracts—each purchase and promote orders—which have but to be executed. A surge on this metric sometimes alerts heightened curiosity and confidence amongst merchants.
Most of Sui’s futures exercise has been pushed by Bybit, adopted carefully by Binance and Bitget. Notably, Bybit’s decision to incorporate SUI into its Launchpool, marking the primary time a non-Mantle token has been included, has helped bolster market exercise.
Past the futures market, Sui’s fundamentals are additionally bettering. The total value locked in Sui’s decentralized finance protocols surged by over 61.2% within the final 30 days, reaching $1.089 million, putting Sui among the many high seven chains by worth.
Additional, the Sui community not too long ago surpassed Solana when it comes to day by day transaction quantity, a key metric for measuring community exercise. As of Oct. 8, Sui recorded 58.37 million day by day transactions in comparison with Solana’s 35.41 million, underscoring its rising consumer base and adoption.
Grayscale’s launch of the SUI Belief in September has added one other layer of momentum to the token’s current rally. The belief permits accredited traders to achieve publicity to the SUI token, which has probably contributed to the token’s worth appreciation by increasing its attain to institutional gamers.
Technical indicators sign sustained bullish momentum
From a technical perspective, Sui’s worth motion is signaling continued energy. The token is presently buying and selling above its 50-day and 200-day transferring averages, which fashioned a golden cross—a traditional bullish indicator—on Sept. 22. This sample means that the short-term pattern has overtaken the long-term pattern, typically resulting in additional upward momentum.
The Common Directional Index, which measures the energy of a pattern, has surged to 55, properly above the edge of 25 that denotes a robust pattern. The Shifting Common Convergence Divergence indicator can be flashing bullish alerts, with each the MACD line and its sign line trending upwards. These technical metrics counsel that Sui’s rally nonetheless has room to run.
As Sui approaches its earlier all-time excessive of $2.17, this stage now serves as a key resistance level. If the token can break by means of this barrier, it might set the stage for additional beneficial properties.