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SUI’s Inflow Surge – Could This Lead to a New Breakout for Its Price?
In recent market developments, SUI has witnessed a significant surge in stablecoin inflows and Open Interest. This phenomenon could potentially pave the way for a new breakout in the altcoin’s price.
The data reveals that SUI recorded the highest stablecoin inflows among all blockchains within the past 24 hours, with an increase of $6.1 million. Simultaneously, other major chains such as Ethereum, Solana, and BNB Chain experienced substantial outflows – A clear indication of capital rotation. The surge in stablecoin flows signals growing demand and amplified on-chain activity.
Moreover, it is imperative to note that these inflows often serve as a dry powder, poised for deployment into native assets, thereby putting additional upward pressure on the price.
In addition to this, SUI’s Open Interest has experienced an astonishing 30.64% surge, bringing the total figure to $785.35 million. This development highlights aggressive positioning in derivatives markets, particularly among traders preparing for potential price volatility. It is crucial to acknowledge that unlike stablecoin inflows, Open Interest reflects speculative intent and traders’ willingness to hedge or take directional bets.
Given the synchronized increase in both metrics, it could indicate a rise in market confidence. Moreover, when combined with the rising Open Interest, this dynamic typically yields bullish undertones.
In order to confirm such momentum, SUI’s price must clear key resistance at $2.23.
Source: https://ambcrypto.com/suis-inflow-surge-could-this-lead-to-a-new-breakout-for-its-price/
