Within the newest information, SUI costs jumped by greater than 10% within the final 24 hours, fueld by rising investor curiosity as a response to surging fundamentals and institutional investor curiosity.
Among the many prime elements that helped gas the SUI rally within the final quarter of 2024 and eventual ATH of $5.35 in Jan 2025 was the launch of the Grayscale SUI Trust in August final 12 months.
Now that the hedge fund is transferring ahead with the plan to transform a lot of its trusts to ETFs, traders are assured Grayscale could also be submitting for SUI ETF subsequent.
This optimism gained critical traction within the final 24 hours after studies emerged that Grayscale had engaged the providers of NYSE Arca to file for a Cardano ETF.
In response to the information, SUI token prices rallied by greater than 10% to interrupt above the important thing resistance degree of $3.29 to hit an intraday excessive of $3.57. Its buying and selling quantity additionally rose by near 10% to succeed in $1.33 Billion.
Different Basic News Driving SUI’s Latest Rally
Along with the rising institutional investor curiosity within the Grayscale SUI Belief, two different basic elements have helped SUI maintain bears at bay.
First is the rising curiosity within the coin from retail traders. That is evidenced by person demand that helped it integrate with the Phantom wallet – which already has 15 million customers.
This integration might have helped the variety of lively SUI wallets cross the coveted 10 million mark.
Secondly, SUI prolonged its footprint within the fast-growing GameFi trade when it partnered with Superverse, one of many largest Web3 Gaming communities.
The partnership not solely proves SUI’s readiness to associate with extra manufacturers within the gaming ecosystem but in addition butters up its enchantment within the eyes of traders.
SUI Worth Forecast
Over the long term, most SUI forecasts are bullish, and some anticipate it to set a brand new ATH above $8.80 earlier than year-end.
Within the shorter time period, nonetheless, technical evaluation signifies that it’ll principally stay range-bound between $2.85 and $4.00 – due to the FUD that has gripped the markets right this moment.
From a technical analyst’s perspective, the altcoin has an RSI 44 on the SUI/USDT one-day chart.
This factors to a weak however rising bullish momentum that should pierce above 50 to substantiate a bullish shift.
The MACD additionally reveals that SUI has been caught in a bearish entice for some time provided that the MACD line is beneath the sign line and each are within the adverse territory.
However the histogram bars are getting lighter, suggesting a momentum shift and a possible bullish crossover.
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