The price of Sui has surged by 13.1% within the last 24 hours, making it the top gainer among the top 100 coins listed on CoinGecko. This spike in price could be attributed to Grayscale’s announcement of the launch of Sui Trust. As a prominent asset management firm, Grayscale’s move indicates a growing institutional interest in the Sui blockchain, generating curiosity about its potential impact on Sui’s token value.
Currently, the price of SUI is showing signs of a bullish market structure, with the possibility of breaking out and aiming for the $2 mark. This development coincides with predictions of a potential Fed rate cut that could have a positive effect on the broader cryptocurrency market.
Grayscale’s introduction of Sui (SUI) Trust to accredited investors is a strategic step to foster institutional adoption within the crypto realm. This move is expected to drive significant gains for SUI, as accredited investors, known as “whales,” possess substantial wealth and are now being exposed to Sui through Grayscale.
The price of SUI recently surpassed the $1 threshold and is maintaining its position above it after facing challenges in breaking this barrier earlier on. The asset had previously tested the $1 mark twice in the past month, and this latest breakthrough marks the third attempt.
Analyzing the technical aspects, the current price trend for SUI appears bullish on the daily timeframe with successful breaks above the 50-day and 200-day exponential moving averages. A previous death cross has been offset by a potential golden cross, indicating a shift towards a more optimistic market sentiment.
Despite the positive outlook, key resistance lies at the $1.00 mark, which SUI has struggled to sustain beyond historically. A successful daily candle closure above $1.00 could potentially shift SUI’s market sentiment from bearish to fully bullish.
Additionally, the completion of an ascending triangle pattern for SUI suggests a bullish continuation. A breakout from this pattern could lead to a significant price increase, with projections indicating a possible surge towards $2.00 if buying momentum remains strong.
On the other hand, failure to maintain above the ascending triangle could signal market weakness, potentially leading to a retraction towards lower support levels around $0.75 and $0.64.
Traders are currently speculating on a potential rally to $2 for SUI, with technical indicators such as the Relative Strength Index pointing towards increasing buy momentum. Market sentiment favors a bullish stance, supported by a higher number of long positions compared to short positions.
Key price levels to monitor include $0.982, $0.96, $0.90, and $0.883, where significant trading activity with high leverage sizes is concentrated. A breach below these levels could result in a further price decline, particularly as $0.98 – $0.883 forms the daily buy wall.
In conclusion, the launch of Grayscale’s SUI Trust for accredited investors has the potential to drive SUI’s price towards $2, aligning with the current bullish market indicators.