The value of Sui has seen a significant surge of 13.1% within the last 24 hours, making it the top gainer among the top 100 coins listed on CoinGecko. This sudden increase in price could be attributed to the news from Grayscale about launching a Sui Trust, showcasing growing interest from institutional investors in the Sui blockchain and sparking speculation about its potential impact on Sui’s token value.
SUI’s price trajectory suggests a positive market trend, with analysts forecasting a potential rise towards $2, especially in light of anticipated Federal Reserve rate cuts that could have a favorable effect on the broader cryptocurrency market.
Grayscale’s announcement regarding the availability of Sui Trust for accredited investors aims to bolster institutional adoption within the crypto industry. Accredited investors, commonly referred to as “whales,” with substantial net worth or high annual incomes are now being exposed to Sui, potentially leading to significant gains for the asset.
The recent rally has pushed SUI’s price beyond the $1 mark, a level it had struggled to surpass since June. This breakthrough signifies a noteworthy development as the asset had previously tested the $1 level multiple times without success.
Technically, the SUI price displays a bullish outlook on the daily timeframe, having surpassed the 50-day and 200-day exponential moving averages. Key resistance lies at the $1.00 threshold, with a successful close above this level potentially transitioning SUI from a bearish to a fully bullish trajectory.
The completion of an ascending triangle pattern also suggests a bullish continuation, with a potential breakout signaling a substantial price increase for SUI. Conversely, failure to maintain above this pattern could indicate market weakness and a potential downturn in price.
Futures traders are optimistic about a potential rise to $2, as indicated by strengthening buy momentum and market sentiment. The Relative Strength Index and trader activities on Coinglass further support the bullish outlook, with strategic price levels to monitor for potential market movements.