SUI Forms Rare Bullish Pattern as Open Interest Hits Record High

Sui, often referred to as the “Solana-killer,” experienced notable price growth on Sunday, September 15, as optimism in the cryptocurrency sector strengthened. The token surged to an intraday high of $1.10, its highest value since August 12, marking a significant 137% rise from its lowest point in the past month. This recovery cements Sui’s position as one of the top-performing assets among the top 100 cryptocurrencies by market capitalization.

Futures Open Interest at All-Time High

Sui’s price recovery aligns with increasing interest in the futures market. Data from CoinGlass shows that open interest reached a record $295 million, surpassing the previous high of $289 million. This figure represents a sharp rise from the August low of less than $60 million, underscoring strong demand among futures traders.

Open interest reflects the volume of unfilled put and call orders and is a key indicator of market interest. The majority of this activity is concentrated on exchanges like Bybit, Binance, and Bitget, signaling significant interest from professional traders.

Sui’s Network Growth and DeFi Expansion

Beyond price action, Sui’s network continues to show positive momentum. The total value locked (TVL) in its decentralized finance (DeFi) sector has climbed by over 16% in the past 30 days, reaching $703 million. The growth is driven primarily by protocols such as NAVI Protocol, Scallop Lend, Suilend, and Aftermath Finance.

Further supporting this bullish sentiment is the rising volume of Sui’s stablecoin market, which has surpassed $364 million. Additionally, decentralized exchange (DEX) volume on Sui has grown by 32% in the past week, hitting close to $300 million. Key DEX platforms driving this growth include Cetus, Kriya, and DeepBook.

Sui’s Expansion Beyond Crypto

Sui’s utility extends beyond the cryptocurrency space. Recently, 3DOS, a manufacturer of 3D printing devices, announced its adoption of the Sui network due to its fast transaction throughput and lower fees, highlighting Sui’s potential for real-world applications.

Price Nears Key Resistance with Bullish Patterns Emerging

On the technical front, Sui has formed an inverse head-and-shoulders (H&S) pattern, a rare and bullish signal that could suggest further price upside. The price is nearing the neckline at $1.165, a critical resistance level last tested in May and June. This level also coincides with the 38.2% Fibonacci Retracement.

Additionally, Sui has moved above both the 50-day and 200-day Exponential Moving Averages (EMAs), while the Percentage Price Oscillator (PPO) remains above its neutral zone, indicating sustained bullish momentum.

A breakout above the neckline at $1.165 could propel Sui toward the next major target at $1.3190, which represents the 50% Fibonacci Retracement level.

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