SUI gains as $3m in shorts liquidated, DEX volume enters top 10

Fast-growing Ethereum and Solana rival Sui went parabolic on Tuesday, October 29, due to expanding market share in key areas of the blockchain industry.

The Sui (SUI) token is up 13%, retesting the psychologically important resistance point at $2.01 for the first time since October 24.

Its rise came as Bitcoin (BTC) surpassed the crucial $71,000 level and the crypto fear and greed index moved into the 60 “greed” area. Altcoins like Sui generally perform well when there is a sense of greed in the crypto industry.

Sui’s rise led to a sharp increase in short selling. Data from CoinGlass shows that short sellers have seen liquidations of over $3 million; This is the highest level since October 16. Their open interest in the futures market rose to $516 million, significantly higher than last week’s low of $448 million.

Sui has shown remarkable growth in recent months. Data from DeFi Llama shows that decentralized exchanges on its platform processed $4.47 billion worth of tokens this month, making it the seventh-largest chain in the industry. October marked the first time Sui broke into the top ten.

Sui was also among the top ten blockchains in the decentralized finance industry with a total value of $944 million. Some of the biggest dApps in its ecosystem include NAVI Protocol, Suilend, Cetus, and Scallop Lend.

This growth is expected to continue after developers launch Sui Bridge on October 26. The bridge allows entities on other Ethereum Virtual Machine networks to access Sui’s blockchain dApps such as Cetus and Scallop.

This native solution is powered and secured by Sui technology; This means it is protected by the same validators that secure the network, ensuring your assets are transferred safely.

Learn more on the blog where Sui Bridge is available on Mainnet: https://t.co/OnNX14mNFZ

— Sui (@SuiNetwork) 25 October 2024

Sui is also becoming a major player in the gaming industry. For example, MemeFi, one of the top players in the Telegram gaming industry, announced plans to expand its solution on the Sui network.

Sui price created a hammer pattern SUI chart by TradingView

Sui’s daily chart points to further bullishness in the coming months. On September 22, a golden cross pattern was formed with the intersection of the 200-day and 50-day moving averages.

It formed a hammer pattern characterized by a small body and a long lower shadow, which is also a popular bullish trend indicator.

Additionally, Sui created a cup and handle graphic pattern. Therefore, it will likely continue to rise and the next target is the upper end of the cup at $2,185. A break above this level could lead to further gains.