- Sui’s $60 billion DEX volume hinted at impressive growth, signaling strong market interest
- Rising social dominance and Open Interest supported crypto’s long-term potential
Sui [SUI] has achieved an impressive milestone by hitting $60 billion in total DEX volume, marking a significant 23.27% hike over the last 30 days. This surge highlighted the growing adoption of the platform and its rising popularity in the decentralized exchange space.
With Sui flashing signs of positive growth, the crucial question is whether it can maintain this upward momentum and continue to push towards new highs.
How active is the Sui community?
At the time of writing, its social volume sat at 101 – Showing a moderate level of activity within its community. While the token has seen periodic spikes in social engagement, the overall trend reflects steady, yet not overwhelming, attention from the market.
This means that the altcoin’s community remains engaged, but has not yet reached explosive levels of interaction. However, any major updates or platform developments could push the social volume to new heights, increasing Sui’s visibility significantly in the process.
Source: Santiment
Is social dominance on the rise?
Social dominance showed some promising growth too, with its press time level at 0.78% as per Santiment analytics. Such a hike reflected a rebound after a period of lower social visibility, indicating that its presence in the broader conversation is gaining traction.
As its social volume rises, this could lead to further increases in social dominance, sparking greater market awareness and interest in the token.
Is SUI’s price about to break out?
Looking at the price chart, the token recently bounced from a support level around $3.00, suggesting potential for upward movement. The price seemed to be approaching a key resistance level near $3.66, and if it breaks through, it could pave the way for further price gains.
The press time chart formation, a falling wedge pattern, often signals an impending breakout. If SUI manages to overcome resistance, it could set the stage for a strong rally. Therefore, the chart hinted that SUI is in a favorable position for a potential breakout on the charts.
Source: TradingView
What do market signals say?
The Open Interest has been on the rise, increasing by 2.74% to hit $697.37 million. Such a hike revealed that more traders are positioning themselves for potential price movements – A sign of greater market interest.
Meanwhile, SUI’s total liquidations have been balanced, with a mix of long and short positions, reflecting market uncertainty. However, the relatively low level of liquidations hinted at a stable market for the altcoin as traders appeared cautious but not overly leveraged at this stage.
Source: Coinglass
Will Sui’s momentum hold firm?
With solid DEX volume growth, a moderate but steady social presence, and rising social dominance, Sui is on the radar of many investors. The price chart underlined the potential for a breakout, and the rising Open Interest further supported the bullish outlook.
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Given these factors, Sui may be poised for sustained growth, with the crypto likely to push past its press time resistance levels.
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