The SUI cryptocurrency is experiencing significant price fluctuations and a decline in trader interest. The exacerbating situation raises concerns about further drops, with alternative solutions like Remittix emerging on the horizon.
Weak Open Interest Metrics
The futures open interest for SUI has dropped from a record $2.05 billion to $1.15 billion, a 45% decline indicating liquidation of long positions, a bad sign for momentum.
Spot Metrics Confirm Bearish Trend
Daily active addresses have decreased by 17% week-over-week, with the network's total value locked falling below $430 million. Meanwhile, staking interest has plateaued at around 63%.
New Avenues for SUI Investors
Amid concerns surrounding SUI, capital is flowing into Remittix, a utility token that allows conversion of multiple cryptocurrencies into same-day bank deposits for a small fee.
The escalating situation regarding SUI and falling prices casts doubt on any further recovery. Investors may consider balanced strategies to protect against potential losses.
