9 August 2024
Despite the fears that the downtrend will continue, the crypto market resumes its bullish drive upward with the altcoin market showing the most significant gains. SUI is one of those tokens, gaining almost 31% in the past 24 hours as major cryptocurrencies like Bitcoin and Ethereum returned to pre-correction levels.
As the market continues to rally, SUI might continue to capture the broader momentum, keeping the bears at bay. This comes after institutional interest hit the Sui platform, which will also help drive the price upward.
Grayscale Releases New Funds On SUI And TAO
In a press release by Grayscale, the crypto asset manager announced the launch of investment trusts based on SUI and TAO: the Grayscale SUI Trust and the Grayscale TAO Trust. The move is a complete vote of confidence with the Head of Product & Research, Rayhaneh Sharif-Askary, being quoted saying:
“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.”
This is big news not just for SUI and TAO, but for the entire crypto market as a whole. With WisdomTree CEO, Jonathan Steinberg, saying that crypto will continue to be mainstream in the coming years in an interview with CNBC last month, these new institutional investment products will leverage the growing and solidifying interest in crypto and blockchain tech.
With an increase in trade volume interpreted as an increase in both retail and institutional interest in crypto, SUI might have a great second half of the year to boot.
Choppy Trading Days Ahead, But Not Enough To Stop SUI
SUI bulls are currently trying to settle above the $0.8357 ceiling to flip it to become a support platform. This move comes after the token suddenly skyrocketed in the face of the market’s rally.
With the end of the week approaching, investors and traders might encounter some resistance above this price level introducing some choppy days before a high chance of a continuation rally long-term. However, the high volatility in the market might also help the bears in the long run.
SUI: Crypto In Bearish Mode
The current price of SUI is in historically bearish territory, with bulls struggling to make headway since the price retreat between May and June. This situation remains a significant issue for investors and traders. But if the market continues to rally in the long term, more gains will be awaiting SUI. But if the market continues to rally in the long term, more gains will be awaiting SUI.
The growing interest in crypto and in both the retail and institutional investor space will heavily contribute to this. The launch of the SUI Trust by Grayscale will spur investor interest more, helping the token to be mainstream in the future.
Featured image from Cybertechwiz, chart from TradingView