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SUI’s derivative market is buzzing, holding sixth place in open interest. Is a $4 surge on the horizon? Short positions are piling up, suggesting a potential squeeze that could send SUI soaring.
Sui’s open interest is flirting with a record high, rocketing it into the crypto big leagues. Forget obscure altcoins – SUI is the sixth most actively traded asset, duking it out with established blue-chip titans. With nearly $1 billion at stake, SUI is nipping at the heels of Hyperliquid (HYPE) for a top-five spot. Will it break through? The crypto world is watching.
SUI’s potential is catching fire! Glassnode reports open interest surging to $1.2 billion across a wider range of markets. Could this derivatives boom be the rocket fuel SUI needs to skyrocket in an extended altcoin rally?
SUI is blazing a trail this summer, leaving Bitcoin in the dust. While BTC is caught in the usual crypto currents, SUI has surged over 31% in the last three months, hitting a sizzling $3.91 – close to a three-month peak. Is this the beginning of SUI’s reign?
SUI surges, flirting with a three-month peak! Could $4 be the springboard to uncharted territory? All eyes are on this crypto contender as it eyes a breakout to new all-time highs. (Source: Coingecko)
Sui: The Solana Challenger. While the market fixates on Layer-1 supremacy, Sui emerges as a dark horse, fueled by the narrative dominating crypto conversations. Can it unseat the king?
SUI short positions signal a move above $4
SUI’s open interest is a sea of bullish bets, with longs commanding a staggering 77%. But beneath the surface, Hyperliquid’s whale pool tells a different story: a near-perfect equilibrium, where 10 leviathans gamble on a surge, while 11 brace for a plunge.
SUI’s price is trapped. A tidal wave of long positions has built up, making it a prime target for aggressive traders. They’re attacking, triggering a cascade of liquidations that keeps SUI stuck in a tight range. The last 24 hours alone saw a brutal $2.2 million wiped out from overly optimistic longs.
But here’s the kicker: SUI’s got a $16 million safety net of liquidity parked around the $4.10 mark. Last week, SUI flirted with this price, squeezing some shorts, but those traders doubled down, reloading for a bearish assault. However, fueled by pure hype, SUI might just be gearing up for another run at those short positions, turning the tables in a liquidity grab.
SUI short positions are accumulating once again above $4, after traders swept the previous liquidity. | Source: Coinank
SUI hasn’t ignited a short squeeze yet, but a breakout could trigger an explosive surge. After hitting a $5.24 all-time high in January, bulls are gunning for a new peak, aiming to shatter the $6 barrier.
SUI grows on lending expansion
Sui’s DeFi kingdom is swelling, nearing peak levels with $2.19B locked within its walls. July saw an explosive expansion, fueled by the rising tide of decentralized finance. But Sui’s journey isn’t a rocket ship; it’s carving its own path, a lone wolf in the crypto wilderness. Eschewing the well-trodden EVM road, Sui is betting big on forging a self-sufficient ecosystem, a bold move reminiscent of Solana’s independent spirit.
DeFi’s pulse quickens: Protocols surge with a near 50% boost in locked value. Cetus DEX, phoenix risen from the ashes of a recent hack, roared back to life on June 8th, injecting a staggering 55% liquidity surge in a single month.
Suilend’s dominance remains unchallenged, fueling a lending frenzy across the entire blockchain landscape. Holding a staggering $738M, Suilend didn’t just maintain its position; it exploded, surging 48.79% in liquidity over the last month. Buckle up: this protocol just hit a new all-time high, and it’s showing no signs of slowing down.
Sui’s got a fever, and the only prescription is more stablecoins. While swimming in nearly a billion dollars of stablecoin liquidity, it’s still playing catch-up with the big L1 leagues. But don’t let the smaller pool fool you. On a daily basis, Sui is flexing some serious stablecoin muscle, rivaling Solana in transfer volume. It’s a David-vs-Goliath story playing out on the blockchain, and Sui’s sling is loaded.
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