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Sui [SUI] is capturing market attention after recording the highest stablecoin inflows among all blockchains in the past 24 hours. According to on-chain data, SUI saw a net increase of $6.1 million, even as major chains like Ethereum, Solana, and BNB Chain experienced notable outflows. This divergence suggests a potential capital rotation and growing investor interest in the Sui ecosystem.
Stablecoin inflows often act as “dry powder” – capital waiting to be deployed into native assets. This surge signals not just increased liquidity but also rising demand and activity on Sui. Market sentiment further turned optimistic as open interest (OI) surged 30.64% to reach $785.35 million, indicating heightened speculative positioning in the derivatives market.
Unlike spot inflows, OI reflects trader conviction in upcoming price action. When paired with stablecoin inflows, the signal often leans bullish, suggesting traders expect a strong price move from SUI soon.
Technically, SUI is showing a bullish cup and handle pattern on the daily chart. Currently trading at $2.16, the asset is up nearly 13% in the last 24 hours. A breakout above the key resistance at $2.23 could set the stage for a rally toward $2.80 – provided buyers secure a decisive candle close above resistance.
However, the road to higher prices hasn’t been smooth. Long liquidations hit $860.6K, indicating that overleveraged bulls were flushed out. Yet, this often acts as a reset, clearing excess leverage and allowing for a more sustainable price climb.
Notably, Sui’s OI-weighted funding rate turned positive, currently sitting at 0.0087%, reflecting that traders are willing to pay premiums to maintain long positions. This reinforces renewed bullish sentiment, even amid recent volatility.
SUI appears to be gearing up for a major breakout. While multiple on-chain and technical indicators are aligning in its favor, a confirmed move above $2.23 remains the final hurdle. Until then, cautious optimism prevails as market confidence steadily builds.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
