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As positive sentiment surrounds the Sui [SUI] token, recent data highlights significant developments pushing the asset into the spotlight.
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The increase in chain netflows has established SUI as a leading contender among Layer 1 blockchains, capturing investor interest.
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According to COINOTAG, “SUI’s strong trajectory suggests that if the current trends continue, further price appreciation could be on the horizon.”
Sui [SUI] sees rising netflows and record open interest, signaling bullish market sentiment and potential price momentum as investor confidence strengthens.
SUI surges ahead with $23.8M netflow
SUI has recorded an impressive chain netflow of $23.8 million in the past 24 hours, according to data from Artemis.
This places the coin ahead of major blockchains like Arbitrum [ARB], Solana [SOL], Bitcoin [BTC], and Optimism [OP], demonstrating a surge in market activity and investor confidence.
A chain netflow of $23.8 million represents the net balance of funds moving into or out of SUI during this period, calculated by subtracting outflows from inflows.
A positive netflow, as observed here, typically indicates bullish sentiment, suggesting growing demand for SUI’s ecosystem and the potential for price appreciation.
Source: X
SUI has also announced a partnership with Franklin Templeton, a trillion-dollar asset management firm. This collaboration is anticipated to enhance the coin’s ecosystem by driving development and attracting institutional interest.
Open Interest hits record high
SUI has reached a significant milestone with its Open Interest (OI) climbing to $858.43 million at the time of writing.
This record indicates increased demand for the asset, highlighting heightened trader activity and growing interest in its derivatives market.
OI measures the total number of unsettled derivative contracts, offering insights into market sentiment and demand.
A high OI, like SUI’s 3.56% increase, often signals increased market participation and confidence in the asset’s future performance.
Source: Coinglass
Meanwhile, the coin recorded a negative Exchange Netflow of $8.23 million in the last 24 hours, indicating that more SUI has been withdrawn from exchanges than deposited, which reduces the circulating supply on trading platforms.
This trend is generally viewed positively, reflecting a shift towards long-term holding rather than selling pressure.
With less SUI on exchanges, demand could increase further, potentially propelling upward price momentum.
A slight pause before SUI’s next move
While positive trends are evident, the anticipated upswing for the coin may take longer as the Long-to-Short ratio is currently below one, at 0.9227.
This metric indicates that short positions are outnumbering long positions, which may limit upward momentum.
Read Sui’s [SUI] Price Prediction 2024–2025
This suggests bearish sentiment among derivative traders, with a greater number of contracts betting on a price decline. Such a condition can exert temporary downward pressure or stall a rally, as observed with SUI.
However, if the broader market sentiment remains bullish, the altcoin could still gain momentum and trigger a rally, especially if key indicators align to support positive price action.
Conclusion
In summary, Sui [SUI] is witnessing a blend of bullish indicators, including significant netflows and a record high in open interest, capturing investor interest. While there may be short-term challenges due to the Long-to-Short ratio, the overall market sentiment remains supportive for SUI’s growth trajectory.
