SUI, the native token of the Sui Layer-1 blockchain, surged to $0.89 on August 12, marking a 78% gain over the past week. This increase follows Grayscale’s announcement of a new SUI fund and the transition of Sui Name Service to a decentralized protocol.
The current trading price of SUI is $0.89, with a 24-hour trading volume of $381,082 and a market cap of $2,317,960,661. Recent fluctuations in trading volume and market cap reflect increased market activity and investor interest.
This has come as a result of Grayscale launching new cryptocurrency investment trusts, SUI and Bittensor (TAO). This decision is considered a vote of confidence in the future of these tokens in the company’s portfolio. Since the announcement both SUI and TAO have seen an increase in buying pressure though SUI has been more pronounced.
Bittensor (TAO) surged by 94% before its price increase stopped on August 9 and declined by approximately 13% by August 11. On the other hand, SUI’s price has kept rising, and it was backed by a rise in Open Interest, which is an indicator of new capital that is being invested in the asset.
According to the information provided by Coinglass, SUI’s Open Interest rose from $56.95 million on August 7 to $180.97 million by August 11, indicating that investors have a lot of confidence in it.
This increased interest may indicate that the price of SUI may continue to rise, possibly even crossing the $1 mark soon. From a technical perspective, the price of SUI is currently above the Ichimoku Cloud indicator suggesting a bullish trend.
The cryptocurrency is now trading above Ichimoku Cloud and is approaching the upper limit of the cloud, $1.00 as the next significant resistance level. It is possible to see SUI rising towards $1.10 if it manages to break above this level.
On the flip side, initial support is around $0. 85, but there is more support at $0.70. All in all, the continuous upward trajectory of SUI and the Open Interest growth indicate that there is more potential for SUI price growth up to and beyond the $1 mark.
The recent surge in SUI’s price highlights growing investor confidence, driven by Grayscale’s new fund and the move towards a decentralized Sui Name Service. This upward momentum suggests a strong potential for further gains in the near future.
