SUI Cryptocurrency Surges 44% Monthly, Setting New Records

HYPE, SUI Crypto, and SEI Crypto confirm that the altcoin season has finally arrived, with altcoins experiencing substantial gains. Specifically, SUI has seen a remarkable 35.4% increase this month, making it the leading Layer 1 (L1) asset in July, trading near $4.

SUI/BTC Rotation Suggests Capital Is Flowing In Fast

The SUI/BTC trading pair has surged over 10% in a single day, marking its strongest performance against Bitcoin in over two months. SUI’s market capitalization has increased by 44.7% since July 1, significantly outpacing Ethereum’s 9.2% growth during the same period, especially with Bitcoin surpassing $120,000.

JUST IN: SUI is forming a strong cup and handle, clear setup for an easy 2-3X. Just HODL and chill! 🔥🚀 — Sui Intern (@suintern_)

The Total Value Locked on Sui DeFi platforms has recently hit an all-time high of $2.219 billion, showcasing a significant daily increase and indicating robust liquidity inflow.

SUI Outpaces Ethereum in Fee Growth, Derivatives Indicate More to Come

SUI has doubled Ethereum’s monthly fee generation, increasing 42% to over $42,000. Furthermore, the derivatives market is gaining traction:

Open interest in SUI futures has risen by 19.1%, now exceeding $1.73 billion.
Positive funding rates suggest a bullish market sentiment.
The Money Flow Index indicates strong capital inflows.

Can SUI Break $5 and Lead the Q3 Altcoin Cycle?

Currently, SUI is testing a crucial resistance around $4, which previously obstructed upward movements. However, with a 2.7% daily gain and supportive technical indicators, a breakout looks imminent.

“Sui’s chart is forming a macro triangle breakout. A close above $4 could set up a move to $5.36.” – Rekt Capital via X

SUI, alongside other flourishing altcoins, is set to become a focal point in the upcoming quarter.