The Sui token has demonstrated impressive price growth following Grayscale’s decision to open its Sui Trust to accredited investors.
Sui Price Surge
Data shows that Sui surged by 17% over the past day, rising from $0.74 to $1.05. Over the past week, it has risen by 27%, with a market cap surpassing $2.75 billion, making it the 34th-largest crypto asset. The daily trading volume was roughly $451 million.
Impact of Grayscale
One of the key drivers for Sui's recent price surge is Grayscale’s decision to open its Sui Trust to accredited investors. Grayscale, as one of the leading digital asset managers, added a layer of credibility to the token, attracting institutional interest. Additionally, the overall market rally, with the global cryptocurrency market cap rising from $2.08 trillion to $2.26 trillion, further fueled positive sentiment, boosting Sui's upward trajectory.
Technical Analysis
Data from Coinglass indicates that the total open interest for Sui jumped over 40% in the past 24 hours, and aggregated funding rates became positive, denoting a shift in market sentiment. The Relative Strength Index (RSI) of the token stands at 65, indicating room for further gains before reaching overbought levels. The MACD line is trending above the signal line, reinforcing the ongoing bullish trend. Key resistance levels are around $1.10, while support is at $0.90. A breakthrough or fall through these levels could signify further rallies or potential consolidation.
The Sui token continues to show steady growth driven by the support of major institutional players and positive market sentiments. Technical indicators also suggest the potential for further upward movement in the near term.
