In the last 24 hours, Sui has seen a market capitalization of more than 10% as a result of the growing presence in Defi and gaming sectors.
According to the on-chain analysis platform Santiment, the growth of the market capitalization of Sui is supported by new partnerships, rewards and an ever-bullish sentiment for social media, which has been highest since September.
SUI price has risen an impressive 259% in the last five months. Santiment warns that the rising FOMO could derail price growth in the long term, because it pushes up the price of the token too quickly can lead to great recovery.
The market capitalization of Stablecoins on Sui, which, according to Defillama data, achieved a record high of $ 500 million, also contributes to the recent market recovery. Rising stablecoin inflow means that fresh liquidity enters the SII network. This is a sign of increased interest and activity on the platform.
Other signals show that Sui also gains strength on the derivatives market. For the first time in more than a week, the financing figure for Sui became positive. The total value of open interest rate contracts has reached $ 451.3 million. These signals suggest that traders become more optimistic, which could mean that the price of Sui could continue to rise if the trend continues.
Sui has positioned himself as a blockchain that combines the benefits of web3 with the ease of web2. The low costs and fast transactions of the network have attracted the attention of Defi projects and the game sector, which continue to expand the network. Sui has also applied partnerships with institutional players such as Franklin Templeton, Grayscale, Libre Capital and Copper.
It is unclear whether the market pressure will disappear in the coming weeks or that SUI will retain the momentum in the long term.
