Sui (SUI) has shown signs of recovery, surpassing The Open Network (TON) in key metrics such as stablecoin transfers and daily active address usage. After a rough month with a 35% decline in price, SUI appears to be regaining its footing. As market sentiment shifts, traders are hopeful for a potential rebound.

SUI Surpasses TON in Key Metrics

One of the most significant developments for SUI has been its ability to surpass TON in stablecoin transfer volume. According to recent market data, SUI has reached $73 billion in stablecoin transfer volume, a notable increase compared to TON’s $49 billion. This difference suggests that SUI is gaining traction and may be preferred by users for stablecoin transactions.

Additionally, the number of daily active addresses on SUI is considerably higher than TON’s. SUI reached 1.8 million daily active addresses, almost three times the 600,000 active addresses on TON’s platform. The increasing number of active users and higher stablecoin transfers signal a growing interest in SUI, which could play a critical role in its price recovery and potential rally.

Support Level Nears, Indicating a Potential Rally

As SUI faces its current price challenges, it is approaching a key support level at $2.23, identified by the Fibonacci retracement on the 4-hour chart. This support level has been crucial for SUI in the past, with the price seeing major rebounds after testing this zone on two previous occasions. Traders are closely watching this level, as a bounce here could act as a catalyst for a rally, pushing the price upwards.

If SUI does manage to stabilize at this support level, it could target the $2.50 range as its first resistance level. If buying momentum continues, the price could rise even further. The market is currently waiting for confirmation that the support at $2.23 will hold, as this could trigger a positive price action that has the potential to drive the asset back into a bullish trend.

Market Sentiment and Derivatives Activity

In the derivatives market, the Funding Rate and Open Interest metrics also point toward a positive sentiment for SUI. The Funding Rate, which tracks the balance of buying and selling pressure, has turned slightly positive at 0.0007, indicating that buyers currently have the edge in the market. Though the positive reading is modest, it suggests that buying activity is on the rise, which could lead to an increase in the price of SUI if it sustains.

Similarly, Open Interest has risen by 2.02% over the past 24 hours, reaching $618.07 million. Open Interest reflects the number of outstanding contracts in the market, and a gradual rise in this metric indicates that traders are opening more long positions. This trend aligns with the positive Funding Rate and suggests that market participants are betting on a bullish reversal.

Conclusion

SUI’s recent performance is showing signs of recovery as it surpasses TON in stablecoin transfer volume and active user engagement. The asset is approaching a key support level at $2.23, which has previously acted as a introducing pad for price rebounds. With positive sentiment from traders, rising Open Interest, and a favorable Funding Rate, SUI seems poised for a potential market rally. While the market conditions remain volatile, the increasing interest in SUI and its strong fundamentals make it a coin to watch as it attempts to regain lost ground.