Sui recorded an impressive bullish run last day propelled by Grayscale’s recent move to open its Sui Trust to accredited investors.
Sui (SUI) registered a 17% price surge over the past day — rising 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, SUI’s market cap surpassed the $2.75 billion mark — making it the 34th-largest crypto asset — with a daily trading volume of roughly $451 million.
One of the key drivers behind SUI’s recent price surge is Grayscale’s decision to open its Sui Trust to accredited investors. As one of the leading digital asset managers, Grayscale’s 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 SUI’s upward trajectory.
Bulls dominate as SUI gears for price rally
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, SUI’s 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.
SUI’s Relative Strength Index currently stands at 65, indicating that the token can still see some gains before reaching overbought levels, which 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, with the MACD line trending above the signal line and both moving upward, reinforcing the ongoing bullish trend. Accompanied by rising trading volume, this is indicative of strong buying interest and suggests potential for further price increases in the short term.
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 as confirmed by crypto analyst Hov.