Sui’s price has experienced an impressive surge, increasing by 13.1% within the last 24 hours, making it the top gainer among the top 100 coins listed on CoinGecko. This notable price increase could potentially be linked to Grayscale’s announcement about the launch of Sui Trust. As a prominent asset management firm, Grayscale’s decision indicates a rising interest from institutional investors in the Sui blockchain, generating speculation about the impact on Sui’s token value.
The current price action of SUI suggests a bullish market pattern, with the possibility of a breakout pushing it towards the $2 mark. Analysts are considering a potential Fed rate cut, which could have a positive effect on the broader cryptocurrency market.
Grayscale has unveiled the availability of Sui (SUI) Trust for accredited investors, aiming to further solidify institutional involvement in the crypto sector. This move is anticipated to lead to significant gains for SUI, as accredited investors are typically high-net-worth individuals capable of making substantial investments, effectively exposing Sui to influential traditional investors.
On the technical side, SUI has surpassed the $1 milestone and appears to be holding steady. After facing challenges breaking this barrier in previous months, the recent breakthrough signifies a promising trend. The price has maintained stability above $1 after testing this level multiple times, enhancing bullish sentiment.
The technical analysis of SUI’s price highlights its bullish trajectory on the daily timeframe, indicated by its surpassing of the 50-day and 200-day exponential moving averages. The asset’s main resistance level remains at $1, with a potential shift from a bearish to a fully bullish scenario if the price manages to sustain above this mark. Additionally, the completion of an ascending triangle pattern suggests further upward momentum, potentially driving SUI towards $2.
In futures trading, indicators suggest a probable rally towards $2, backed by a strengthening Relative Strength Index and an increase in long positions compared to shorts. Traders are optimistic about the price surge, with significant leverage being placed at key support levels. However, a breach below certain critical price points could signal weakness in the market, with potential downside targets around $0.75 and $0.64.
The overall market sentiment appears positive, with a focus on the potential for SUI’s price to reach $2 following Grayscale’s entry into the Sui Trust for accredited investors.