SUI cryptocurrency has experienced a remarkable surge in the past week, defying gravity with its price action exceeding $4,500 for the first time. This bullish run is fueled by significant developments including a renewed rise in open interest, reaching a record high of $1 billion, and increased institutional interest. Previously, SUI’s open interest had peaked at $1.56 billion earlier this year before experiencing a sell-off that brought it down to approximately $500 million by Q1. 2023 has witnessed a dramatic turnaround with the open interest recovering steadily. It recently surged beyond $1.3 billion, fueling optimism for further growth in the near future. However, analysts note that this surge may be short-lived given current market conditions.