SUI has seen a market cap rebound of more than 10% in the last 24 hours as a result of its growing appearance in Defi and gaming areas.
According to the on-chain analytics platform Santime, the needle’s market cap growth is supported by a new partnership, staking rewards, and a rapidly rapid social media spirit, which is at the highest level since September.
The price of the needle has increased by 259% in the last five months. The Santime has warned that the growing FOMO can derail long -term price growth as extending the price of tokens very quickly can lead to large retracements.
Market capitalization of Stablecoins on SUI, which according to defilama data reached a record high level, recently contributes to the market recovery. Rising stabcoin inflow means that fresh liquidity is entering the SUI network. This is a sign of increased interest and activity on the stage.
Other signs suggest that Sui is also gaining strength in derivative market. For the first time in a week, the funding rate for SUI became positive. The total value of open interest contracts has reached $ 451.3 million. These signs suggest that traders are becoming more optimistic, which means that the needle price may increase if the trend continues.
SUI has deployed itself as a blockchain that connects the benefits of web3 with ease of web 2. Lower network fees and rapid transactions have attracted attention from DEFI projects and gaming sectors, which continue to expand on the network. The needle has partnered with institutional players such as Franklin Templeton, Grassscale, Libere Capital and Copper.
It is not clear whether the market pressure will decrease in the coming weeks or if the SUI will maintain speed in a long term.
