SUI Leads Stablecoin Inflows, Eyes Breakout at $2.23
Key Takeaways
- SUI recorded stablecoin inflows of USD 6.1 million over the past 24 hours – more than any other blockchain.
- At the same time, open interest rose by over 30% to USD 785 million – a sign of increasing speculation.
- A classic “cup and handle” chart pattern suggests a potential bullish continuation.
- A breakout above the resistance at USD 2.23 could pave the way for a rise to USD 2.80.
- Positive funding rates and liquidations indicate market cleansing and renewed buying interest.
Stable Inflows: Liquidity Shifts Toward SUI
SUI positioned itself as the leading blockchain in terms of stablecoin inflows over the past 24 hours. With a net inflow of USD 6.1 million, SUI outperformed larger networks like Ethereum, Solana, and BNB Chain, which all saw outflows during the same period.
Stablecoins such as USDT or USDC are considered “dry powder” – capital ready to be deployed into native tokens. This influx of liquidity may signal growing confidence in SUI’s short-term outlook.
Open Interest Rises Significantly – A Sign of Speculation
Open interest – the total volume of open derivative positions – increased by 30.64% for SUI, reaching USD 785.35 million. This rise indicates that traders are increasingly speculating on price movements.
Rising open interest combined with capital inflows is often seen as a bullish signal. It suggests that market participants are anticipating a price move and are positioning themselves accordingly.
Chart Analysis: Cup and Handle as a Bullish Pattern
A classic “cup and handle” pattern is forming on SUI’s daily chart. This chart formation is considered a signal of a potential continuation of an upward trend. The current price stands at USD 2.16 – a 12.82% increase in just one day.
The key level to watch is USD 2.23. Only a clear breakout above this resistance, confirmed by a stable closing price, could open the path toward a rise to around USD 2.80.
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Liquidations and Funding Rates: Market Cleansing in Progress
Over the past 24 hours, long positions worth USD 860,600 were liquidated, while short positions accounted for only USD 269,300. These liquidations on platforms like Binance and OKX suggest that overleveraged long traders have been flushed out of the market.
Such liquidations often act as a reset – reducing market risk and creating room for more sustainable movements. At the same time, SUI’s weighted funding rate is slightly positive at 0.0087%. This indicates that traders are willing to pay fees to hold long positions – another sign of bullish sentiment.
Our Assessment
SUI is currently showing several signs pointing toward a potential upward price movement. The combination of strong stablecoin inflows, rising open interest, a positive funding rate, and a bullish chart pattern indicates growing confidence among traders.
However, the key confirmation is still missing: a breakout above the resistance level at USD 2.23. Only then would a sustainable uptrend be realistic. Until that happens, the situation remains speculative – with potential, but also with risk.
Sources
- Coinglass
- TradingView
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