- SUI token hit $5.35 from under $1.00, achieving a 435% rise before facing a correction.
- Market cap peaked at $15.68 billion but fell to $12.46 billion during the pullback.
- SUI open interest dropped from $394.87M to $241.12M, reducing trading activity.
SUI has been a standout cryptocurrency, experiencing a rise since mid-2024, driven by robust price action and market interest. The token surged from under $1.00 in late August to a peak of $5.35 in January, achieving a 435% gain. However, recent corrections have brought SUI down to $4.15, hinting at a potential cooling off in momentum following analyst Altcoin Sherpa, who tweeted on the X platform. On-chain data from Santiment reveals notable price, market cap, and open interest trends, providing critical insights into SUI’s volatile journey.
Meteoric Rise and Price Dynamics
SUI’s rapid price increase reflected growing investor interest, pushing the token from $1.50 in September to a high of $5.80. This rise represented a 286% gain in just a few months, capturing traders’ attention.
The rally propelled SUI’s market cap to $15.68 billion before correcting to $12.46 billion as of January 2025. The sharp increase in open interest, which peaked at $394.87 million, highlights speculative trading as a key driver of this uptrend. Open interest has dropped to $241.12 million, indicating unwinding positions as traders reassess the token’s trajectory.
Market Cap and Speculative Interest
Besides its impressive price gains, SUI’s market cap and open interest trends underscore the influence of leveraged positions on its price action. Santiment data shows open interest climbing in tandem with the price during the bullish run, reflecting aggressive speculative trading.
However, the recent drop in open interest suggests that traders are scaling back positions, potentially anticipating further downside. This dynamic highlights the vulnerability of SUI to volatility as profit-taking intensifies.
Related: SUI Reaches New All-Time High, Flips SHIB, TON, And LINK
Correction Phase and Trader Sentiment
Altcoin Sherpa’s analysis corroborates that SUI may have peaked, labeling it a hedge option for short-sellers. The token’s corrective phase has been marked by lower volume, suggesting fading bullish momentum.
While SUI remains a high-performing asset, its current structure indicates a critical turning point. To effectively navigate this volatile phase, traders should closely monitor volume trends and behavior. Whether SUI can regain its strength or continue to correct depends on broader market sentiment and the token’s ability to maintain support at critical levels.
