Sui recorded a notable bullish run last day, propelled by Grayscaleβs recent move to open its Sui Trust to accredited investors.
Suiβs Recent Performance
Sui registered a 17% price surge over the past day, increasing from $0.74 on Sep. 2 to a monthly high of $1.05 earlier today. The token is also up by 27% in the past 7 days.
Following the price hike, SUIβs market cap surpassed the $2.75 billion mark, making it the 34th-largest crypto asset, with a daily trading volume of roughly $451 million.
Key Drivers Behind the Surge
One of the key drivers behind SUIβs recent price surge is Grayscaleβs decision to open its Sui Trust to accredited investors. As one of the leading digital asset managers, Grayscaleβs backing adds a layer of credibility, drawing institutional interest toward Sui.
At the same time, a broader market rally, marked by a rise in global cryptocurrency market capitalization from $2.08 trillion to $2.26 trillion on Sep. 12, has further fueled positive sentiment, boosting SUIβs upward trajectory.
Market Sentiment and Data Insights
Looking at data from Coinglass, the total open interest for SUI jumped from $212 million to $275 million, a rise of over 40% in the past 24 hours. Further, SUIβs aggregated funding rates have jumped to positive 0.0086%, denoting a shift in market sentiment.
The dominance of long-position holders over short-position holders hints at optimism among traders, betting on a potential price surge for SUI.
SUIβs Relative Strength Index currently stands at 65, indicating that the token can still see some gains before reaching overbought levels. This may signal potential consolidation or minor pullback if it reaches higher levels.
Positive momentum is also evident when looking at the Moving Average Convergence Divergence (MACD), with the MACD line trending above the signal line and both moving upward, reinforcing the ongoing bullish trend. Accompanied by rising trading volume, this indicates strong buying interest and suggests potential for further price increases in the short term.
Key Levels to Watch
Key levels to watch include potential resistance around the $1.10 mark, which could pose a challenge for further gains. If the price breaks past this level, a stronger rally may follow. On the downside, the $0.90 level is acting as support. A drop below this could signal a possible reversal to $0.70 or a consolidation phase.
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