Sui (SUI) Surges as Grayscale Launches Trust for Accredited Investors

In a significant development for the Sui blockchain ecosystem, Grayscale, a leading digital assets manager, has announced that its recently launched Sui Trust is now open to qualified investors. The news, revealed on September 11, has sparked a notable surge in the price of SUI, the native token of the Sui network.

Grayscale’s Sui Trust Opens Doors

Grayscale’s decision to make the Sui (SUI) trust accessible to eligible accredited investors marks a crucial step towards institutional adoption in the cryptocurrency space. This move follows the August launch of the Sui Trust alongside the Bittensor (TAO) Trust, expanding Grayscale’s range of products offering qualified investors exposure to various cryptocurrencies.

Sui Network Overview

Sui, currently ranked as the 38th largest cryptocurrency by market capitalization with $2.4 billion, is a smart contracts blockchain network designed to boost the adoption of web3 applications. Key features of the Sui blockchain include parallel execution, zkLogin, and sponsored transactions, positioning it as a promising platform in the decentralized finance (DeFi) and real-world assets ecosystem.

Total Value Locked (TVL) Rebound

The Sui network has seen a significant rebound in its Total Value Locked (TVL). After experiencing a more than 50% dip from highs of $1.08 billion in May 2024 to near $516 million in early August, Sui’s TVL has rebounded to above $940 million. This places Sui as the 10th largest chain by TVL, although it still trails far behind Ethereum, which accounts for over 65% of the total value locked on all chains.

SUI/USD Technical Analysis and Market Reaction

The announcement from Grayscale has had a notable impact on SUI’s price. SUI experienced a 13.1% gain in 24 hours, becoming the largest gainer among the top 100 coins on CoinGecko.

The price broke above the $1 mark, a level it had struggled to surpass since June. Technical analysis suggests a bullish market structure, with potential for further gains:

• SUI has broken above both the 50-day and 200-day exponential moving averages (EMA).
• An ascending triangle pattern has been completed, suggesting a possible 47% upside to $1.48.
• Some analysts predict the price could reach $2 if bullish momentum continues.

Futures Market and Trader Sentiment

Data from Coinglass indicates strong bullish sentiment among traders:

• Traders have opened seven times more long positions than short positions.
• Key price levels to watch include $0.982, $0.96, $0.90, and $0.883, where significant leveraged positions have been opened.