Three reasons why SUI could continue its ongoing rally

• DefiLlama data shows that SUI TVL hit a new ATH of $1.05 billion.
• SUI’s open interest is also rising, suggesting further buying is taking place.
• Sui’s daily active addresses increased, indicating greater use of the blockchain.

Sui (SUI) is extending its gains, trading at $1.9 at the start of the new month after a sharp rally last month. This bullish momentum could continue, driven by a new record total value locked (TVL), rising open interest and an increase in daily active addresses.

Sui bulls remain strong as values ​​in the chain indicate sustained momentum

Data from crypto aggregator platform DefiLlama shows a bullish outlook for Sui. The data shows that Sui’s TVL rose from $663.87 million in mid-September to $1.05 billion on October 1, making a new all-time high (ATH).

An increase in TVL suggests that the Sui blockchain ecosystem is becoming more active and interesting for users. It supports the bullish outlook, indicating that more users are depositing or using assets under SUI-based protocols.

SUI TVL chart

Sui’s Open Interest (OI) data further supports the bullish thesis. Coinglass data shows that Sui futures OI on exchanges hit the highest level since May. OI indicates the total number of outstanding derivative contracts that have not been settled (settled by delivery) and whether the cash flows in the contract are increasing or decreasing.

OI growth represents new or additional money entering the market and new purchases, suggesting an optimistic trend. Conversely, when OI falls, it is usually a sign that the market is liquidating, more investors are leaving and prices may fall.

The chart below shows that Sui’s OI rose from $418.73 million on September 24 to $553.82 million on Tuesday, the highest level since May. This increase indicates that new or additional money is entering the market and new purchases are taking place.

SUI Open Interest chart

Daily Active Addresses data from Artemis, which tracks network activity over time, paints an optimistic picture for Sui. An increase in the metric signals greater use of the blockchain, while a decrease in addresses indicates lower demand for the network.

For SUI, Daily Active Addresses rose from 804,400 on September 11 to 1.6 million on September 24, the highest level since late May. This indicates that demand for Sui’s use of the blockchain is increasing, which bodes well for Sui’s price.

Chart of SUI Daily Active Addresses