- DefiLlama data shows that SUI TVL reached a new ATH of $1.05 billion.
- SUI’s open interest is also rising, suggesting that new buying is occurring.
- Sui’s daily active addresses increased, indicating greater blockchain usage.
Sui (SUI) is extending its gains, trading at $1.9 at the start of the new month after a sharp rise last month. This bullish momentum could continue, driven by a new all-time high in Total Value Locked (TVL), rising open interest, and an uptick in daily active addresses.
Sui bulls remain strong as on-chain metrics indicate sustained momentum
Crypto aggregator platform DefiLlama data shows a bullish outlook for Sui. The data shows that Sui’s TVL increased from $663.87 million in mid-September to $1.05 billion on October 1, making a new all-time high (ATH).
An increase in TVL suggests that the Sui blockchain ecosystem is becoming more active and interesting to users. It supports the bullish view by indicating that more users deposit or use assets within SUI-based protocols.
SUI TVL chart
Sui’s Open Interest (OI) data further supports the bullish thesis. Coinglass’s data shows that the futures’ OI in Sui at exchanges has reached the highest level since May. The OI indicates the total number of outstanding derivative contracts that have not been settled (offset by delivery) and whether money flows into the contract are increasing or decreasing.
Increasing OI represents new or additional money entering the market and new buying, which suggests a bullish trend. On the contrary, when OI decreases, it is usually a sign that the market is liquidating, more investors are leaving, and prices may decrease.
The graph below shows that Sui’s OI increased from $418.73 million on September 24 to $553.82 million on Tuesday, the highest level since May. This rise indicates that new or additional money is entering the market and new buying is occurring.
SUI Open Interest chart
Artemis’s Daily Active Addresses data, which tracks network activity over time, paints a bullish picture for Sui. A rise in the metric signals greater blockchain usage, while declining addresses point to lower demand for the network.
In SUI’s case, Daily Active Addresses rose from 804,400 on September 11 to 1.6 million on September 24, the highest level since the end of May. This indicates that demand for Sui’s blockchain usage is increasing, which bodes well for Sui's price.
-638633545895483532.jpg)
SUI Daily Active Addresses chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin and crypto market maintain decline despite Fed Chair Powell's hints at further rate cuts
The general crypto market continued on a downtrend on Monday despite Fed Chair Jerome Powell hinting at the possibility of further interest rate cuts later in the year.
Ethereum risks decline to $2,395 amid impressive ETF inflows
Ethereum traded around $2,600 on Monday, down 2% on the day. In the past 24 hours, ETH has seen $29.94 million in liquidations, with long and short liquidations accounting for $24.9 million and $5.04 million, respectively.
Dogwifhat and BONK defy crypto market decline
WIF and BONK are up about 6% in the past 24 hours. The meme coin market cap is down nearly 6% following declines sustained in DOGE, SHIB and PEPE. WIF could rally toward $2.939 if it smashes resistance near $2.643.
XRP fails to close above $0.65 support, while Ripple CEO offers optimistic outlook on crypto market cap
XRP fails to close above $0.6500, a key psychological barrier for the altcoin’s holders. The top Ripple executive made headlines for comments on the market capitalization of crypto expanding.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin has risen around 3% so far this week, breaking above its range upper limit of $64,700. This gain was supported by increased institutional demand for ETFs, which recorded inflows of more than $612 million this week.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.