Sui has experienced a significant price surge, climbing 13.1% in the past 24 hours and emerging as the top gainer among the leading 100 coins on CoinGecko. The spike in price is likely linked to Grayscale’s announcement of the launch of Sui Trust, an indication of growing institutional interest in the Sui blockchain. This move has sparked curiosity about how it could potentially influence Sui’s token price.
On the market front, SUI’s price is currently exhibiting a bullish trend, with the potential to break out and rise towards $2. This development coincides with predictions of a Fed rate cut, which could have a positive impact on the broader crypto market.
Grayscale’s introduction of Sui Trust for accredited investors aims to boost institutional adoption in the crypto sector. By targeting individuals with significant net worth or high incomes, Grayscale is paving the way for traditional whale investors to explore Sui.
The recent price surge has propelled SUI above the $1 mark, a crucial level that the asset had struggled to surpass in recent months. Technical analysis suggests that if the bullish momentum continues, SUI could reach $2. However, failure to maintain this upward trajectory may result in a retracement towards lower support levels.
Traders are optimistic about SUI’s potential, with indicators pointing towards a rally to $2. The market sentiment is currently bullish, as reflected by the higher number of Longs compared to Shorts. Key price levels to watch include $0.982, $0.96, $0.90, and $0.883, which hold significance in determining the asset’s future price movements.