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

Sui, often referred to as Solana’s killer, continued his rise on October 8 amid a record rise in the futures market.

Sui (SUI) jumps to an intraday high of $2.14; This is the highest price level in six months and 181% above last month’s low point. This recovery has made it one of the top gainers among the top 100 cryptocurrencies by market cap on October 8.

While Sui’s market value was at $5.46 billion at the time of writing this news, its daily trading volume more than doubled to $2.26 billion.

Important developments that accelerate growth

Significant demand in the futures market has been the key catalyst for Sui’s recovery. Data from CoinGlass reveals that Sui’s open positions rose to an all-time high of $564 million on October 8, surpassing the previous record of $502 million. This is a dramatic rise from the September lows, when open interest hovered below $140 million; This indicates a significant speculative capital flow.

Futures open interest measures the volume of outstanding contracts (both buy and sell orders) that have not yet been executed. An increase in this metric generally indicates increased interest and confidence among investors.

Most of Sui’s futures activity is driven by Bybit, followed by Binance and Bitget. Notably, Bybit’s decision to include SUI in Launchpool marks the first time a non-Mantle token has been included and has helped increase market activity.

Beyond the futures market, Sui’s fundamentals are also improving. The total value locked in Sui’s decentralized finance protocols reached $1,089 million, an increase of over 61.2% in the last 30 days, ranking Sui among the top seven chains in terms of value.

Additionally, the Sui network recently surpassed Solana in terms of daily transaction volume, an important metric for measuring network activity. As of October 8, Sui recorded 58.37 million daily transactions versus Solana’s 35.41 million; This underscores its growing user base and adoption.

Grayscale’s launch of SUI Trust in September added another layer of momentum to the token’s recent rally. The trust allows accredited investors to gain exposure to the SUI token, which likely expanded the token’s reach to institutional players, contributing to its price appreciation.

Technical indicators signal sustainable bullish momentum

From a technical perspective, Sui’s price action signals continued strength. The token is currently trading above its 50-day and 200-day moving averages, which formed the golden cross (a classic bullish indicator) on September 22. This pattern shows that the short-term trend is outpacing the long-term trend. generally leads to more upward momentum.

SUI 50-day and 200-day SMA – October 8 | Source: crypto.news

The Average Directional Index, which measures the strength of a trend, rose to 55, well above the 25 threshold that indicates a strong trend. The Moving Average Convergence Divergence indicator also gives bullish signals when both the MACD line and the signal line are in an upward trend. These technical metrics show that Sui still has room for the rally to continue.

SUI ADX and MACD chart – October 8 | Source: crypto.news

This level now serves as a key resistance point as Sui approached its previous all-time high at $2.17. If the token can overcome this hurdle, it could pave the way for further gains.