Humanity Protocol [H] surges 138% amid Sui ecosystem integration

Home / News / Humanity Protocol [H] surges 138% amid Sui ecosystem integration

Key takeaways

What led to the recent price rise and market activity in Humanity?

Its expansion into the Sui ecosystem and migration to Walrus has led to increased investor demand and bullish momentum.

What could influence humanity’s next price movement?

Continued buyer dominance could push it towards $0.4, but increased profit taking could see it bounce back to $0.30 or lower.

Humanity [H] It surged 138%, hitting a new all-time high of $0.39 before falling to $0.34 at press time.

Meanwhile, trading volume jumped 512% while market capitalization rose 118% to $382 million and $787 million, respectively.

But what led to this rise?

Humanity is expanding into the SUI ecosystem

Humanity’s currency rose following its expansion into the Sui ecosystem and migration from IPFS to Walrus.

The team on October 22 Announce Strategic partnership with but [SUI]leveraging the Walrus protocol to enhance its infrastructure.

As part of this move, millions of user credentials were transferred across the chain to the Sui ecosystem, supporting the creation of a secure, verifiable, and decentralized human identity.

The collaboration also aims to increase the number of user credentials from 10 million to 100 million by 2025.

The demand is rising with the recent development

It is worth noting that after Humanity and SUI announced their strategic cooperation, investors rushed into the market to accumulate.

In fact, H has seen sustained demand from major shareholders during this period. According to Nansen, humanity recorded a positive change in the balance between the group.

Source: Nansen

Over the past day, for example, whales recorded a net buying volume of 3.9 million, continuing a trend that began on October 22.

Since then, the highest jackpots have received 54 million tokens, indicating increased demand from the pool.

Futures follow suit

Interestingly, as the market rose, most investors rushed into the futures market to position themselves strategically.

In fact, according to CoinGlass, open interest (OI) rose 165% to $236 million while derivatives volume jumped 1,022% to $1.9 billion, at press time.

Source: Coinglass

Typically, when investment volume and trading volume rise in tandem, it indicates increased engagement with traders taking buy or sell positions.

Moreover, capital inflows into the futures market remained high over the past three days, reaching $1.22 billion.

Source: Coinglass

Notably, humanity saw $1.1 billion in forward flows compared to $1.05 billion in outflows. As a result, net inflow of altcoin futures rose 1,798% to $54.48 million, reflecting higher capital inflow.

Profit takers join the party

As expected, as the altcoin rose to a new high, coin holders and speculative traders alike rushed to cash out.

According to Coinalyzethe altcoin saw 2.41 million in terms of selling volume compared to 2 million in terms of buying volume. As a result, the 401k posted a negative delta, a clear sign of spot selling.

Human protocol buying and selling volume

Source: Queenalyze

Moreover, stock market activity echoed this selling trend. According to CoinGlass, Humanity has recorded positive net inflow since the market rebound three days ago.

Source: Coinglass

At press time, net inflow was $406,000, down from $1.04 million the previous day, indicating higher inflows. Often times, increased selling activity puts tremendous downward pressure on the asset, a precursor to a price decline.

Can the momentum continue?

According to AMBCrypto, Humanity has surged as investors, both whales and retail, return to the market following H’s integration into the SUI ecosystem.

As a result, the altcoin’s Relative Strength Index (RSI) has risen to 75, at the time of writing, indicating increased bullish momentum. Likewise, the Stochastic RSI rose to 61, confirming the strength of the trend.