Sui (SUI) has witnessed a significant rally in the past 24 hours, surging 7.47% to $2.67 as bullish sentiment grips the market. This price surge is linked to a sharp increase in user activity and a notable uptick in decentralized exchange (DEX) trading volume.
User Growth Fuels Market Activity
Sui’s recent momentum appears to be driven by an influx of new users, with over a million accounts added in the past 24 hours. This surge has brought the total number of Sui accounts to 70,526,000, highlighting growing interest in the blockchain.
Simultaneously, trading volume on Sui’s DEX ecosystem has seen a remarkable spike, surpassing the combined volumes of Polygon (POL), Tron (TRX), Aptos (APT), Near Protocol (NEAR), and Cardano (ADA). At present, total DEX trading volume has exceeded $20 billion, showcasing increased engagement from market participants.
Between early March and now, SUI has traded within a stable range of $3.30 to $2.69. However, recent trading data shows that DEX volume surged by $65 million in the past 24 hours—an 11.25% increase from the last 30 days. This uptick suggests that heightened user engagement is fueling SUI’s positive price trajectory.
Derivatives Market Signals Bullish Sentiment
Investor sentiment in the derivatives market also points to a bullish outlook for SUI. Data from Binance reveals that most traders have been opening long contracts, expecting further price gains. The Taker Buy/Sell Ratio has reached 2.0148, indicating strong buying pressure.
For context, a Taker Buy/Sell Ratio above 1 suggests that buy orders are outpacing sell orders, increasing the likelihood of sustained price appreciation. Meanwhile, overall market volume has climbed to 0.9612, reinforcing the growing interest in SUI. A move above 1 in market volume could trigger a significant price breakout.
Additionally, liquidation data reveals that short sellers have faced unfavorable conditions, with $3.15 million in SUI short positions forcibly closed in the last 24 hours. This trend underscores a strong upward bias in the market.
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What’s Next for SUI?
With increasing user adoption, rising DEX volume, and bullish derivatives market activity, SUI appears poised for further gains. If buying momentum continues, traders could see SUI testing higher resistance levels in the coming sessions.
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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