As Grayscale unveils the creation of its SUI Trust, attention is focused on the soaring Sui price, often referred to as the “Solana-killer.” Sui’s price has been climbing steadily, surging by 16% within the last 24 hours to secure the position as the top gainer among the leading 100 coins listed on CoinGecko. Amid mounting interest from investors and an expanding presence in the blockchain realm, the burning question among enthusiasts is whether SUI can leverage this momentum to breach the $2 milestone.
Speculation abounds regarding whether Accredited Investors, also known as Whales, will play a role in pumping up the price of Sui. With the current positive market structure forming around SUI, a potential breakout could propel it towards the coveted $2 threshold. This development coincides with projections of a Fed rate cut, anticipated to have a favorable impact on the broader cryptocurrency space. Grayscale’s announcement of the availability of the Sui Trust for Accredited Investors is a strategic move aimed at fortifying institutional adoption within the crypto sector.
This strategic move is expected to usher in substantial gains for SUI, as Accredited Investors are individuals with a net worth exceeding $1 million or annual incomes surpassing $200,000, expected to be sustained. Essentially, Grayscale is introducing Sui to conventional high-worth investors.
The price surge of SUI has seen it break past the $1 barrier and currently holding steady. Despite facing challenges in surpassing this level earlier, the asset is now approaching the $1 milestone for the third time.
Looking at the technical analysis of SUI’s price, a promising outlook is observed on the daily timeframe, with the successful breach of the 50-day and 200-day exponential moving averages. Though a bearish phase was indicated by a death cross on May 24, the recent upward momentum suggests the possibility of a golden cross in the near future.
Resistance at the $1 mark remains a key focal point for the price of SUI. Closing above this level on a daily basis could signify a transition from a bearish to a fully bullish market sentiment. Additionally, recent trends indicate the completion of an ascending triangle pattern, signaling a potential 47% rise from the current price level and the likelihood of reaching $1.48. Continuous buying pressure could drive Sui to achieve the $2 target.
However, a failure to sustain the current trajectory might see SUI reverting back to market weakness and re-entering a downward trend. In such a scenario, lower support levels around $0.75 and $0.64 would be crucial to monitor.
Futures traders are optimistic about a $2 SUI price, evident from the Relative Strength Index trending upwards. The market appears bullish, with a significant increase in Long positions compared to Short positions. Key price levels to watch include $0.982, $0.96, $0.90, and $0.883, as traders have established substantial positions with the highest leverages. A drop below these levels could lead to further price declines.