- SUI has been one of the best performers in the past week, gaining 23% as the market reacted to bullish developments.
- The crypto is also set to receive a massive liquidity boost after Grayscale announced a new fund, but the resistance at $1.171 is proving tough to crack.
It’s been a great week for SUI. The token has been one of the best performers in the past ten days, with interest from institutional investors pushing the token’s price to a three-month high.
At press time, SUI trades at $1.03, gaining marginally over the past day. However, it was the highest gainer on Thursday at over 11%, and in the past week, it has gained 21%, pushing its market cap to $2.75 billion.
One of the key drivers of the token’s newly found momentum was the introduction of the Grayscale Sui Trust, as one analyst noted on X, stating:
SUI’s recent price surge, which saw it outperform the broader market with a 16% increase, is largely due to the launch of the Grayscale Sui Trust. This new investment vehicle has attracted attention and likely spurred increased demand for the SUI token!
Grayscale launched the new trust on Thursday, offering institutional investors an easy way to gain exposure to the token without the hassle of purchasing the token directly and worrying about its custody. The new trust’s share price tracks SUI’s market price, “less fees and expenses.”
Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.
Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6
— Grayscale (@Grayscale) September 11, 2024
Grayscale first announced its intention to launch a SUI Trust in August, and as CNF reported back then, the news pushed the token up by over 30% in a day.
SUI’s Key Rectangular Channel
While the launch of the new trust pushed SUI to a three-month high, the token is still stuck in a key rectangle channel that it has struggled to break free from. This channel is marked by a support of 0.731 and a resistance of $1.171; the latter is its 100-day Simple Moving Average (SMA).
Following its ascent, the token hit an intra-day high of $1.0586 and looked set to breach the resistance, which analysts believe would have set it up for a 37% surge to $1.61. However, it was rejected and dipped briefly below the $1 level before mounting a comeback.
“A confirmed breakout could push SUI into a price discovery phase, opening up the potential for significant gains,” says one analyst.
Another analyst was more bullish, setting his target at $3.6, which would push its market cap to $9.8 billion, ranking higher than Shiba Inu and Chainlink. The analyst tied his prediction to the continued growth of SUI’s DeFi, which currently holds $716 million in total value locked, a 13% rise in the past week. This momentum was spearheaded by Cetus AMM, a decentralised exchange that’s the second largest in the SUI ecosystem with $124 million in TVL.
$SUI target for this Q4 is 3,6$. I’ve been bull calling on @SuiNetwork for a few weeks and they still surprise me on how good the price hold. #DeFi on Sui is going strong also.
And for those who like bigger moonshot, higher-risk taste, eyes on $SCA – @Scallop_io and $CETUS… pic.twitter.com/BoaZavNUNJ
— Bmoon (@bmoonvc) September 8, 2024
