Can Sui Price Reach $2 As Grayscale’s SUI Trust Opens for Accredited Investors?

Sui price is on a tear, gaining 13.1% in the last 24 hours and becoming the largest gainer in the top 100 coins on CoinGecko. The reason for the surge in price could be tied to an announcement from Grayscale regarding launching Sui Trust. As one of the leading asset management firms, Grayscale’s move signals increasing institutional interest in the Sui blockchain, driving curiosity around its potential impact on Sui’s token price.

The price of SUI is currently forming a bullish market structure, and a breakout could send it surging toward $2. This comes as analysts predict a Fed rate cut, which might positively impact the broader crypto market.

Will Accredited Investors (AKA Whales) Pump Sui Price?

Grayscale announced that Sui (SUI) Trust is now available for accredited investors, a move to strengthen institutional adoption in the crypto space.

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 move will result in substantial gains for SUI because accredited investors have a net worth of $1 million or more. They can also be individuals with an annual income of $200,000 or more, expecting to maintain the same income level in the current year. In short, Grayscale is exposing Sui to traditional whale investors.

SUI price surged and broke above the $1 mark and is holding steady. The asset had struggled to break this barrier since June, when it first slipped below the price level. Sui tested $1 twice last month, and this round marks the third time.

SUI Price Technical Analysis: $2 In Sight If Markets Remain Bullish

The price of SUI is bullish on the daily time frame as it has broken above the 50-day and 200-day exponential moving averages (EMA). Sui flashed a death cross on May 24, which signaled that the following months would be bearish. However, with the recent markup in price, a golden cross could be in the making.

The main resistance for the SUI price remains the $1.00 mark. In the past, the asset has broken beyond but has not sustained above it. If the daily candle can close above the $1.00 mark, SUI may turn from bearish to fully bullish.

SUI also just completed an ascending triangle, a bullish continuation pattern. A breakout to the upside from this structure could add at least 47% to the current price of SUI, bringing g it to $1.48. If the buy momentum maintains, SUI could surge higher and reach $2.00.

On the flip side, if the price of SUI fails to maintain above the ascending triangle, it would signal market weakness, and the asset price could fall back into the triangle below the 200-day EMA. A further downside move could invalidate the current bullish thesis as the price seeks lower support around $0.75 and $0.64.

Futures Traders Are Betting On A $2 SUI

Technical indicators show a strong chance of a rally to $2 as the Relative Strength Index is currently at 65 and heading upwards. This means that buy momentum is strong, and hence, higher highs are likely to occur.

Coinglass data shows that traders have opened seven times more Longs than Shorts, suggesting that the market is currently bullish because traders anticipate that prices may surge higher.

Key prices to note include $0.982, $0.96, $0.90, and $0.883, where traders have opened most of the trades with the largest leverage sizes. If the price breaks below these levels, it could drop further, as $0.98 – $0.883 represents the daily buy wall.

Frequently Asked Questions (FAQs)

This rally is likely due to Grayscale’s announcement of launching the SUI Trust for accredited investors, which has boosted market confidence in the token’s potential.

SUI has broken above both the 50-day and 200-day exponential moving averages (EMAs), signaling a bullish trend. After forming an ascending triangle, a bullish continuation pattern, the price could see a breakout that could add at least 47% to Sui’s current price, bringing it closer to $1.48. Sustained buying momentum may help the token reach $2 if the trend continues.

Yes, futures traders are currently betting heavily on Sui’s price rising. Data from Coinglass shows that there are seven times more long positions than shorts, indicating strong bullish sentiment. This suggests that traders expect the price to continue its upward trajectory, potentially pushing Sui to the $2 mark.

Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/can-sui-price-reach-2-as-grayscales-sui-trust-opens-for-accredited-investors/