Sui, often called Solana’s killer, continued to rise on October 8 amid a record rally in the futures market.
Sui (SUI) jumped to an intraday high of $2.14, its highest price level in six months and 181% above its lowest level last month. This recovery made it the leader among the 100 largest cryptocurrencies by market capitalization on October 8.
At the time of publication, Sui’s market capitalization was $5.46 billion, with daily trading volume more than doubling to $2.26 billion.
Key events driving growth
The key catalyst for Sui’s recovery was strong demand in the futures market. CoinGlass data shows Sui’s open interest soared to an all-time high of $564 million on October 8, surpassing the previous record of $502 million. This is a sharp rise from September lows, when open interest hovered below $140 million, suggesting significant inflows of speculative capital.
Futures open interest measures the volume of outstanding contracts (buy and sell orders) that have not yet been executed. An increase in this indicator usually signals increased interest and confidence among traders.
Most of Sui’s futures activity is carried out by Bybit, followed by Binance and Bitget. Notably, Bybit’s decision to include SUI in its Launchpool, marking the first time a non-Mantle token was included, helped support market activity.
Apart from the futures market, Sui’s fundamentals are also improving. The total value locked in Sui’s decentralized finance protocols has increased by more than 61.2% over the past 30 days, reaching $1.089 million, placing Sui among the top seven networks by value.
In addition, the Sui network recently surpassed Solana in daily transaction volume, a key metric for measuring network activity. As of October 8, Sui recorded 58.37 million daily transactions compared to Solana’s 35.41 million, highlighting its growing user base and adoption.
The launch of SUI Trust by Grayscale in September added further impetus to the token’s recent rally. The trust allows accredited investors to gain access to the SUI token, which likely contributed to the token’s price increase by increasing its reach among institutional players.
Technical indicators signal sustained bullish momentum
From a technical perspective, Sui’s price action signals ongoing strength. The token is currently trading above its 50-day and 200-day moving averages, which formed a golden cross, a classic bullish indicator, on September 22. This model assumes that the short-term trend has overtaken the long-term trend. often leads to further upward momentum.
The average direction index, which measures the strength of a trend, rose to 55, well above the threshold of 25 that denotes a strong trend. The Moving Average Convergence Divergence indicator is also giving bullish signals, with the MACD line and its signal line trending upward. These technical indicators suggest that Suya’s rally still has room to grow.
With Sui approaching its previous all-time high of $2.17, this level now serves as a key resistance point. If the token can overcome this barrier, it could set the stage for further growth.