Sui Price Soars 17% Following Grayscale’s Launch of SUI Trust

The Sui price has surged 17% in the last 24 hours to trade at $1.04 as of 8:52 a.m. EST on a 109% increase in trading volume to $594 million. The market cap is now at $2.7 billion. This price increase follows the announcement by leading crypto asset manager Grayscale regarding the launch of its SUI Trust, which is now available to eligible accredited investors.

According to Grayscale, the SUI Trust is one of the first securities fully invested in SUI’s price, providing investors with a unique opportunity. The trust enables users to gain exposure to SUI while avoiding certain hurdles associated with direct ownership.

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’s SUI Trust simplifies the buying and storage process. Investors can bypass the complexities of purchasing, storing, and safeguarding SUI. As Grayscale explained, “Shares (based on SUI per Share as indicated below) are designed to track the SUI market price, less fees and expenses.”

This trust listing marks a major milestone for SUI, signaling significant support from Grayscale. SUI’s mainnet, developed by Mysten Labs, launched on May 3, 2023, focusing on security, speed, and usability. With SUI added to Grayscale’s suite of crypto investment products, including Ethereum Trust, Bitcoin Trust, NEAR Trust, and Avalanche Trust, the project has gained further credibility.

However, the SUI price has maintained positive momentum over the past 30 days, even amid broader crypto market volatility, with gains of 5.5% over the last month and 27.5% in the past week.

SUI Statistics

• SUI price: $1.04
• Market cap: $2.7 billion
• Trading volume: $594
• Circulating supply: 2.6 billion
• Total supply: 10 billion

SUI Price Bulls Gear Up for a Bully Rally

The Sui price has recently experienced an upward trend, which indicates that the bulls are currently in charge. The upward trend has led to a rounded bottom pattern, which suggests the likelihood of a bully rallying ahead. The bulls regained momentum at the $0.7663 support level, aiming to recover their losses.

Currently, the price is trading above the 50-day and 200-day simple moving averages (SMAs). Both SMAs have acted as crucial support levels for the SUI price, thereby strongly supporting the possibility of a bully rally. If the SMAs continue acting as crucial support levels for the SUI price, bulls will remain in charge of the market.

Technical Indicators Signal Bullish Momentum

The relative strength index (RSI) also strongly suggests the probability of a bully rally. The RSI is currently flowing at 68.59, heading towards the 70-overbought level, contributing to the likelihood of a bullish rally. If the RSI crosses above the 70-overbought level, the buyers will have taken full control over the SUI price.

Additionally, the moving average convergence divergence (MACD) supports the bullish sentiment for the Sui price. The green histogram bars increase in size and number as they maintain their bright green color. On the other hand, the blue line of MACD flows above the orange signal line, indicating a bullish trend.

As long as the bulls maintain their momentum, the price may continue flowing above both SMAs, and they will be on track to aim at a $1.3076 target price. However, if the bears regain control, they could initiate a downtrend and drop it to $0.7368, which will profit the sellers.