- SUI pulls off the old switcheroo, surpassing TON in stablecoin transfers and daily active address usage – a dash of good news for its platform, what!
- SUI approaches a key support level, and traders are placing buy orders, because, well, who doesn’t love a good bargain in the market, eh?
Oh dear, poor SUI [SUI] has been having a bit of a rough patch, plummeting 35% in the past month – a veritable nosedive, if you will! However, the selling pressure has subsided to a mere whisper over the past week, with a teeny 3.42% loss to the market. A drop in the ocean, really.
And now, in the past 24 hours, momentum has slowed down to a leisurely stroll, hinting that SUI might just be gearing up for a rip-roaring recovery, with metrics showing the market traders are getting in on the action. Here’s the scoop, old chap:
SUI Gives TON the Old Heave-Ho 🚫
According to the latest market data, SUI has surpassed TON in a couple of key areas, indicating that market participants are flocking to SUI like bees to honey – or in this case, like traders to a promising asset, if you will!
Currently, SUI’s stablecoin transfer volume has left TON in the dust, reaching a whopping $73 billion, while TON trails behind at $49 billion. A significant difference, if a bit of a awkward gap, don’t you think?
This implies, of course, that users are simply enamored with SUI and will likely continue using the chain, which could, in turn, spark a rally – because who doesn’t love a good rally, eh? 🎉
To confirm this active participation, AMBCrypto did a bit of snooping and compared the daily active addresses on SUI and TON. And, oh my, what a difference!
At the time, SUI boasted a staggering 1.8 million active addresses, while TON lagged behind at a mere 600,000 – nearly a threefold gap, if you can imagine! 🤯
Historically, this sort of active participation, especially with such high-volume transfers, is a dead giveaway that the bulls are, in fact, in the market, and SUI might just reap the benefits of its network’s usage, if you catch our drift, old bean.
A Support Level to Provide the Perfect Catalyst 🌈
On the 4-hour chart, SUI is showing all the signs of a major rebound as it approaches a key support level at $2.23, marked by the Fibonacci retracement line – because, of course, a bit of Fibonacci always adds a touch of flair, don’t you agree?
This level has been a bit of a point of interest for traders; the initial two times the asset traded into this level, it saw a major price rebound – a bit of déjà vu, if you will!
With the current market momentum, if SUI trades into this support zone again, it could see a major rally, with the first target at $2.50 and a continued move up, if momentum sustains – because, well, a bit of momentum is always a lovely thing, isn’t it? 😊
Market Participants are Placing Their Bets 🎲
In the derivatives market, traders have begun placing their bets, because, of course, a bit of speculation always spices things up! At the time of writing, the Funding Rate and Open Interest have turned low-positive, suggesting gradual buying – a bit of a cautious optimism, if you will.
The Funding Rate, which tracks which market cohort is in control (because, naturally, someone has to keep score), shows that buyers have the edge, with a reading of 0.0007 – a bit of a nail-biter, if you ask us!
Low-positive, in this context, suggests that buying activity has just begun but remains minimal – a bit of a toe in the water, if you will.
Similarly, Open Interest has shown a similar movement, growing by 2.02% in the past 24 hours to reach $618.07 million – a bit of a gradual incline, if you will.
When there’s a gradual rise like this, along with a positive Funding Rate, it implies there are more long contracts than shorts in the market, and SUI could, in fact, tilt in buyers’ favor, rising higher – because, well, a bit of a rise is always a lovely thing to end on, isn’t it? 🚀
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2025-03-23 20:11