The inherent strength of SUI has experienced a formidable increase with a historic merger with the Switzerland-based AMINA Bank, which has become the first regulated bank to support the custody of the SUI token, as well as trading services.
This milestone paves the way for institutional participation that complies with regulations and brings significant credibility to the project within traditional financial sectors. Additionally, Mill City Ventures raised $500 million in treasury funds to drive the long-term growth of SUI, its scalability, and its expansion into new vertical markets.
Amid these developments, more than 1.28 million new blockchain accounts were added to the network in just 24 hours. This raised the total number of addresses to over 257.9 million. According to CoinGlass, 70.8% of perpetual SUI accounts on Binance are currently in long positions, with a long-to-short position ratio of 2.42. This indicates a dominant bullish sentiment among traders.
However, the open interest of SUI has fallen to 699.6 million, indicating a decrease in speculative participation. Furthermore, the weighted sentiment has also decreased to -0.655. On the other hand, social dominance has surged to 0.973%, implying greater social interaction.
These contrasting signals have created uncertainty around short-term momentum, leaving the long-term price prediction of SUI crafted by our analysts dependent on whether the resistance of $3.50 can be regained.
