SUI Sees A Huge Inflow – Is a Price Breakout Coming?

• SUI saw $6.1 million in stablecoin inflows, signaling growing market interest.
• Open interest surged by 30.64%, indicating speculative positioning for price volatility.
• A cup and handle pattern suggests potential price breakout above $2.23 resistance.

In the past 24 hours, Sui Network has seen a huge jump in stablecoin inflows, totaling $6.1 million. What’s interesting is that this increase outpaces all other blockchains, which hints that something bigger might be coming. Meanwhile, blockchains like Ethereum, Solana, and BNB Chain have seen outflows. With all these stablecoins pouring into SUI, many are wondering if this could be the trigger for a price breakout.

Stablecoin Inflows: A Bullish Precursor?

The wave of stablecoins pouring into SUI indicates that market participants are showing increased interest. When stablecoins flow into a blockchain, it’s often a sign that investors are gearing up to deploy capital into native assets. This influx is more than just a casual movement. It shows that traders are getting ready for action. The growing stablecoin presence on SUI signals rising demand and an uptick in on-chain activity. Stablecoin inflows are often seen as “dry powder” in the market, primed and ready to be used for buying native tokens. This could be the fuel needed to push SUI’s price higher.

Open Interest Surge: Traders Are Betting Big

Open interest isn’t just about active trades – it also reflects speculation. Traders are either hedging their bets or amplifying their positions to capitalize on possible price swings. When open interest rises alongside stablecoin inflows, it often points to bullish expectations. These two metrics combined suggest that traders might be positioning themselves for a significant price movement in the near future. The alignment of growing stablecoin inflows and rising OI tells the story of traders preparing for something big to happen.

A potential breakout is on the horizon, and the market seems poised to react. SUI’s chart also shows a promising setup. The daily chart reveals a classic cup and handle pattern , a chart formation commonly seen before a bullish continuation. SUI is currently trading at $2.16, marking a 12.82% rise in just 24 hours. The “handle” portion of the pattern appears to be taking shape within a descending wedge, with the breakout point sitting at $2.23.

While the price hasn’t yet decisively broken above this level, that $2.23 mark remains a key point. If SUI can manage to break through and close above it, the next target could be $2.80. This potential breakout would represent a significant upward move, possibly starting a new trend for SUI. For now, SUI shows plenty of signs that a breakout could be on the way.

The combination of strong stablecoin inflows, a sharp rise in open interest, and a promising chart setup paints a positive picture. Still, there’s one thing left to confirm: a solid break above the $2.23 resistance level. Only once that resistance is taken out will traders be able to say for sure that a breakout is in play.