invezz.com
12 September 2024 05:31, UTC
Sui recorded notable price actions over the past day, becoming the highest gainer among the top 100 cryptocurrencies by market cap. The altcoin climbed from the daily low of $0.8696 to $1.0296, translating to an 18.41% uptick.
Meanwhile, Grayscale’s announcement about launching SUI Trust catalyzed the significant rallies. The asset management company opened the Grayscale Sui Trust to accredited investors, boosting exposure to the altcoin.
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: grayscale.com/crypto-product…
According to the company,
Grayscale SUI Trust is one of the first securities solely invested in and deriving value from the price of SUI (“SUI”) that enables investors to gain exposure to SUI in the form of a security while avoiding the challenges of buying, storing, and safekeeping SUI, directly.
Amidst the developments, SUI price is printing a bullish market setup – a breakout of which could see the altcoin skyrocketing to $2.
The improving economy with possible Fed interest rate cuts might fuel SUI’s surges to the targeted mark.
Moreover, the Sui blockchain revealed new ecosystem updates on Wednesday, introducing streamlining asset transfers with Object Congestion Control.
That enables it to improve transaction speed through enhanced and restructured checkpoint efficiency.
On this blockchain, we take congestion very seriously 🤧 That’s why we’ve revamped how shared-object transactions are handled on Sui. 💪These adjustments to the Consensus Handler are not just a technical upgrade, they represent a new strategy to improve efficiency and…
The latest announcement by Grayscale will likely bolster Sui’s adoption by institutions. That could skyrocket SUI prices, considering that accreditors investors, or whales, boast over $1 million in net worth.
Also, accredited individuals mostly have yearly income exceeding $200,000. Grayscale is precisely exposing altcoin SUI to traditional whales.
That improved sentiments around Sui and the broad market recovery pushed it past $1 – the area it has failed to break since June 2024.
The crypto holds steady and looks to challenge the resistance level of $1.0436, beyond which SUI might rally to $2.
The daily chart supports SUI’s bullishness as it broke beyond the 50- and 200-day EMAs. Moreover, the token completed a rising triangle (an upside continuation setup).
A breakout from this pattern might propel SUI to $1.48 – a 46% jump from current prices. Sustained bullish strength will potentially extend the gains to the $2 mark.
The alt trades at $1.02 after a brief retracement from its daily high. The 65% surge in 24-hour trading volume supports continued uptrends for SUI. A daily candlestick close beyond $1 could shift SUI’s trajectory to fully bullish.
Meanwhile, failure to hold beyond the rising triangle pattern would indicate weakness, with SUI potentially plummeting beneath the 200-d EMA.
Such trends could cancel the current bullishness and dump the tokens towards the support barrier at $0.75 – $0.64.
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