 ▲ Sui (SUI) |
Accumulation by whale investors combined with inflows into decentralized finance (DeFi) is signaling a potential rebound in Sui’s price.
According to investment media outlet FXStreet on March 10 (local time), Sui (SUI) is trading near $0.94 after surging 7% the previous day, maintaining a short-term recovery trend. The recent rise is attributed to increased buying interest from large investors alongside a simultaneous rise in on-chain capital inflows.
On-chain data shows a clear increase in DeFi fund flows. According to DeFiLlama, the total value locked (TVL) on the Sui network reached approximately $644.65 million, marking a roughly 13% increase over the past 24 hours. This suggests expanded capital inflows driven by either new user deposits or rising valuations of deposited digital assets.
However, some on-chain indicators present mixed signals. During the same period, the market capitalization of stablecoins on the Sui network fell 5% over seven days, while decentralized exchange (DEX) trading volume declined 15%. This indicates that although capital inflows are evident, overall market liquidity has not yet fully recovered.
In the derivatives market, long position building has increased. According to CoinGlass, SUI open interest rose more than 6% over 24 hours to approximately $451.73 million. The long-to-short ratio remains around 1, indicating a near balance between buying and selling positions, while funding rates are hovering near 0%, suggesting traders have yet to establish a clear directional bias.
Technically, SUI continues its rebound within a range between $0.8836 and $1.0551. A key level to watch is the 50-day exponential moving average at $1.0816. A daily close above this level could open the door to gains toward $1.3375 and subsequently $1.3614. Conversely, if the $0.8836 support level breaks, a decline toward $0.7052 may be possible.
Disclaimer: This article is for investment reference purposes only and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.