Sui, the popular Solana killer, continued its rally on Sunday, September 15, as sentiment in the crypto industry improved.
SUI (SUI) jumped to an intraday high of $1.10, its highest since August 12, and 137% above its lows last month. The recovery makes it one of the top 100 performing cryptocurrencies.
Open interest in futures rises
The recovery in currencies coincided with strong demand in the futures market, where open interest jumped to a record high. According to QueenglassInterest rose to $295 million, surpassing the previous record of $289 million. This represents a significant increase from the August low of less than $60 million.
The open interest ratio for futures is an important figure that looks at the volume of unfilled buy and sell orders. A higher number indicates that the asset is in high demand among futures traders. Most of this interest is found among Bybit traders, followed by Binance and Bitget.
additional Data shows The Sui network is gaining traction among developers and users. The total value locked in the DeFi industry has increased by over 16% in the past 30 days to over $703 million. Most of these assets are held in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.
The volume of the Sui stablecoin has risen to over $364 million, while the volume of its decentralized exchanges has increased by more than 32% in the past seven days to nearly $300 million. DEX is noticeable The platforms in its applications are Cetus, Kriya, and DeepBook.
Sui has also found use cases outside the crypto industry. In a statement last week, the network said it was being used by 3DOS, a manufacturer of 3D printing hardware. The company chose Sui because of its fast throughput and low transaction costs.
The price is approaching the major resistance level.
On the daily chart, the coin has formed an encouraging and rare inverse head and shoulders pattern, which is often a bullish sign. It is now approaching the neckline at $1.165, the highs of May and June and the 38.2% Fibonacci retracement point.
Sui stock also jumped above the 50-day and 200-day exponential moving averages while the price oscillator ratio indicator remained above the neutral point.
Therefore, a break above the vertical neckline and shoulder at $1.66 is likely to lead to further upside as traders target the 50% retracement point at $1.3190.