SUI Price Surges as Grayscale Support Sparks Rally Toward $2

• Grayscale’s decision to open its Sui Trust has boosted SUI’s TVL and attracted institutional interest.
• Derivatives metrics like open interest, funding rate, and volume indicate a bullish bias.
• SUI’s price has broken above key moving averages, suggesting a potential uptrend.

SUI Network has recently captured attention with its impressive intraday price surge, pushing its value above $1. This week’s robust momentum has propelled the SUI price past the 20-day, 50-day, and 200-day EMA bands seamlessly.

Over the past day, the SUI price has experienced a remarkable 17% increase. SUI recorded a massive run on the last day because of the recent move of grayscale, which has also boosted its TVL.

According to CoinMarketCap, the SUI crypto market cap has soared above $2.75 Billion following this price hike. This positioned it as the 28th-largest crypto asset. Additionally, its daily spot trading volume has surged to approximately $472.15 million, indicating strong market interest.

This article explores whether this upward trend will continue and what the future holds for SUI.

Recent Move Of Grayscale & Broader Market Sentiment Led the SUI Price Surge

The primary catalyst behind SUI’s price surge was Grayscale’s decision to open its Sui Trust to eligible accredited investors. This decision was taken to attract individuals seeking exposure to SUI crypto.

As one of the leading digital asset managers, Grayscale’s backing adds a layer of credibility. This would help draw institutional interest toward Sui.

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

This backing substantially increased SUI crypto’s Total Value Locked (TVL). It reflected growing demand and market participation.

SUI has now become a notable contender in the crypto market. It was accompanied by its TVL advancing to $734.59 Million, up from $355 million just last month. This showcased impressive growth.

With the increasing TVL and bullish momentum, the SUI coin price appears to be under the control of the bulls.

Additionally, broader market enthusiasm was marked by a 2.47% intraday rise in global cryptocurrency market capitalization. This further fueled positive sentiment.

According to CoinMarketCap, the global cryptocurrency market capitalization stood at $2.04 Trillion. This boosts the chances of the SUI price attaining an upward trajectory.

A Closer Look Into SUI Crypto’s Derivative Market

According to Coinglass, SUI’s OI-weighted funding rates have jumped to 0.0111% positive, denoting a shift in market sentiment. This hinted at optimism among traders, betting on an increased capacity of the SUI coin price to advance.

Similarly, Open interest for SUI was $288.58 Million, up 47.55% from the previous session. The 24-hour long/short ratio is 1.0408, meaning there are more short positions than long positions.

The total number of short positions opened in the last 24 hours was $1.70 Million. Also, the long positions were $587.01K.

Concerning these metrics, it highlighted that the SUI crypto is strongly bullish. Also, these values verified the recent pump in the price.

The OI showed that the number of open contracts has advanced, and liquidation on the short side is greater. It predicted that the SUI price could rise more.

Additionally, derivatives volume experienced a significant surge, advancing by 131.62%. This surge led to a total traded value of $1.42 Billion. It showed the surged demand for SUI crypto in the derivatives market.

Bulls Dominate as SUI Poised for a Price Rally

At the end of the first quarter of 2024, SUI peaked at $2.18. The token marked an impressive gain of over 485% from the last quarter of 2023, which delighted its investors.

Under the change of circumstances, many investors took profits starting in the second quarter. The fall aligned with broader market sentiment. This led to increased bearishness and significant red candles on the daily chart.

In mid-April of the second quarter, the SUI coin price attempted to rally and shift momentum. However, it failed, resulting in lower lows within a narrowing wedge. By August 5th, the momentum in the third quarter of 2024 succeeded in reversing the trend.

The SUI price traded at $1.0375 and has formed a pullback. A change in character could boost confidence if it crosses the upper edge of the horizontal range.

Per the SUI price prediction, the key level to watch is potential resistance around the $1.20 mark. This could challenge further gains. A stronger rally toward the $2 mark may follow if the SUI price exceeds this level.

On the downside, the $0.77 level is acting as support. A drop below this could signal a reversal to $0.63 or a consolidation phase.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.