Sui Network's TVL hits a record $2B, reflecting a robust growth in its DeFi ecosystem.
SUI price achieves new all-time high of $5.35, signaling strong market confidence.
Open Interest for SUI surges to $1.47B, indicating increased liquidity and investor engagement.
The Sui Network token (SUI) has recently soared to a new all-time high of over $5.35. This price hike accompanies a rise in open interest within the derivatives market, which is currently equal to $1.47 billion. Open Interest, the total outstanding derivative contracts that are not covered, suggests high market availability and escalating investor demand.
A robust increase in Open Interest, especially with a price uptick, suggests a bullish outlook for the token. This trend indicates that investors are likely not just holding but also contributing to buying pressures that drive the price upward. However, a potential decline in Open Interest might signal a reduction in market momentum, possibly leading to price retractions.
SUI Network Expands Its Ecosystem
At the same time, the DeFi ecosystem of Sui Network has set a new record for the TVL, which is $2 billion. This growth is backed by higher demand and utilization in different decentralized applications (dApps) and supported by partnerships from renowned financiers such as VanEck, Grayscale, and Franklin Templeton. These partnerships contribute significantly to the liquidity and utility of the SUI token within the broader crypto market.
https://twitter.com/SuiNetwork/status/1876388285234528620
The network's strategic unlocking of approximately 82 million SUI tokens at the start of the year also enhanced liquidity without oversaturating the market. Such planned releases are pivotal for maintaining a balanced supply-demand dynamic that supports sustainable price appreciation.
Technical and Market Outlook
From a technical perspective, SUI recently broke out from a descending triangle pattern, overturning the bearish forecast and initiating a rally leading to its current highs. The break above the pattern's upper resistance suggests continuing the bullish momentum, with potential targets above the $6 mark. However, significant buying pressure is crucial for sustaining this rally.
In the short term, the Sui Network continues to exhibit strength, underscored by its market cap reaching approximately $15.3 billion, making it the 12th largest cryptocurrency globally. This valuation reflects the market's confidence in Sui's technological infrastructure and its future within the crypto ecosystem. Sui Network uses DPoS and Groth16 zk-SNARKs in Move for enhanced scalability, security, and privacy.
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