The post Sui forms a rare bullish pattern as open interest hits all-time high appeared on BitcoinEthereumNews.com.

Sui, the popular Solana-killer, continued rising on Sunday, Sep. 15 as sentiment in the crypto industry improved. Sui (SUI) jumped to an intraday high of $1.10, its highest level since Aug. 12, and 137% above its lowest point last month. This recovery makes it one of the best-performing top 100 cryptocurrencies. Futures open interest jump The coins recovery has coincided with strong demand in the futures market, where open interest has jumped to a record high. According to CoinGlass, the interest rose to $295 million, crossing the previous record high of  $289 million. It is a significant increase from August’s low of less than $60 million. Futures open interest is an important number that looks at the volume of unfilled put and call orders. A higher figure is a sign that an asset is seeing substantial demand among futures traders. Most of this interest is among Bybit traders followed by Binance, and Bitget. Sui open interest | Source: CoinGlass Additional data shows that Sui’s network is gaining traction among developers and users. The total value locked in its decentralized finance industry has risen by over 16% in the last 30 days to over $703 million. Most of these assets are in NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance. Sui’s stablecoin volume has jumped to over $364 million while the volume of its decentralized exchange platforms has jumped by over 32% in the last seven days to almost $300 million. The most notable DEX 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 that it was being used by 3DOS, a manufacturer of 3D printing devices. The company selected Sui because of its quick throughput and lower transaction costs.  Sui price nears…

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Filed under: News - @ September 15, 2024 4:19 pm