Key Takeaways
- SUI rocketed as much as 21.4% over 24 hours during a crypto-wide short liquidation event
- Bitcoin climbed near $85,000, triggering approximately $650 million in short liquidations market-wide
- Futures open interest for SUI exploded 29% to approximately $402 million, signaling aggressive leveraged buying
- Critical support zone identified at $0.9725; breaking below $0.9542 could invalidate the rally structure
- Upcoming Sui Basecamp event in Singapore (Oct 7–8) is being viewed as a potential price catalyst
The SUI token experienced a dramatic price surge as a widespread short squeeze across the cryptocurrency market sent altcoins soaring, with SUI emerging as one of the session’s most impressive performers.
Bitcoin’s rally toward the $85,000 mark ignited a cascade of liquidations totaling approximately $740 million across the crypto derivatives market within a 24-hour window. Notably, around $650 million of these liquidations came from short positions, creating a wave of forced buying that propelled prices higher throughout the ecosystem.
Among altcoins, SUI consistently appeared on lists of top performers. During the rally’s peak, SUI had gained roughly 21.4% in a single day, placing it alongside DOGE and AVAX as the primary beneficiaries of the liquidation cascade.
Market analyst CryptoKaleo took to X during the price action to highlight SUI’s breakout moment. His post stated: “$SUI — And there’s your breakout. The squeeze from $1.00 to $2.00 should happen swiftly from here. People forget how fast SUI can run when it starts to move.” This observation came as SUI broke through the psychologically significant $1.00 threshold that had acted as a ceiling for several months.
Derivatives Activity Confirms Momentum
Analysis of SUI’s derivatives metrics reveals the magnitude of the buying pressure. Open interest in SUI futures contracts surged 28.9% to reach approximately $402 million, all while the spot price was simultaneously climbing.
When open interest expands in tandem with price appreciation, it indicates traders are establishing fresh leveraged long positions rather than merely covering short positions. This pattern suggests a momentum-driven buying frenzy layered on top of the broader market squeeze.
Prior to this explosive move, SUI had already compiled an impressive six-day winning streak, accumulating gains of roughly 30.9% and reaching price levels not seen since May 2026.
From a technical analysis perspective, the $0.9725 level represents a crucial support zone. This price point marked the ceiling of SUI’s extended consolidation range, and maintaining it as support is essential for bulls. If this level holds, traders are eyeing upside targets at $1.0370, $1.1637, and potentially $1.38.
Conversely, a breakdown below $0.9542 would disrupt the current pattern of higher highs and higher lows, potentially triggering a retreat back into the previous trading range.
Network Fundamentals Support Bullish Case
Beyond the technical squeeze, market participants are highlighting strengthening on-chain metrics as fundamental support for the rally. SUI’s DeFi total value locked (TVL) currently stands between $480 million and $550 million, while the network’s stablecoin market capitalization hovers around $475 million with approximately 129,000 active addresses recorded.
In ecosystem developments, Walrus Protocol recently announced its participation as a Diamond sponsor at Sui Basecamp. This project, developed by former Meta engineering talent, specializes in verifiable and portable data infrastructure designed for artificial intelligence applications.
The upcoming Sui Basecamp conference, set for October 7–8 in Singapore, is being highlighted as a potential near-term price driver. Promotional materials referencing “agentic payments” and “confidential transfers” have generated speculation ahead of the gathering.
Trading volume for SUI increased substantially in line with the open interest surge. One market observer noted that the move wasn’t a “thin candle pull,” pointing to the combination of elevated leverage and substantial traded volume as evidence that the rally represents genuine market conviction rather than manipulation.
The post Sui (SUI) Token Rockets 30% in Less Than a Week — Analysts Predict More Gains Ahead appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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