As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I must admit that the recent surge in SUI price has piqued my interest. The announcement by Grayscale to launch the Sui Trust for accredited investors is a clear sign that institutional interest in this third-generation blockchain is growing.
The value of Sui is skyrocketing; it increased by 13.1% over the past day and is currently the biggest winner among the top 100 cryptocurrencies on CoinGecko. This remarkable growth might be linked to Grayscale’s announcement about launching a Sui Trust. As a prominent asset management company, Grayscale’s decision indicates growing institutional interest in the Sui blockchain, generating excitement about its possible influence on the price of Sui tokens.
At present, the value of SUI is shaping up to have a bullish trend in its market structure, potentially leading to a significant increase towards $2. This optimistic outlook follows predictions by analysts that the Federal Reserve might reduce interest rates, an event which could boost the overall cryptocurrency market.
Will Accredited Investors (AKA Whales) Pump Sui Price?
Grayscale has revealed that the SUI Trust is now accessible to accredited investors, aiming to bolster institutional involvement within the cryptocurrency market.
The Grayscale SUI Trust welcomes qualified, accredited investors who are interested in investing in $SUI, a cutting-edge third-generation blockchain aimed at solving issues related to scalability and transaction fees.
Click below to learn more about Grayscale Sui Trust or reach out to us:
— Grayscale (@Grayscale) September 11, 2024
This action will significantly benefit SUI as it attracts wealthy investors, either having a total net worth or annual income that surpasses $1 million, or an individual earning $200,000 per year with the expectation of maintaining this level in the current year. In essence, Grayscale is connecting Sui with high-value investors, often referred to as “whales” in financial markets.
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
On the daily chart, the value of SUI appears to be on an uptrend as it has surpassed both its 50-day and 200-day moving averages (EMA). Previously, a bearish pattern called a “death cross” was observed on May 24th. This suggested that the coming months might see a downtrend. However, with the recent price increase, there’s potential for a bullish reversal known as a “golden cross”.
The key hurdle for SUI‘s price continues to be the $1.00 level. Historically, the asset has surpassed this point but has not managed to stay above it consistently. If the daily chart can end with a closing price above $1.00, SUI could shift from being bearish to being entirely bullish.
SUI has now formed an ascending triangle, a positive development often indicating further price growth. A potential breakout from this formation might boost the current SUI price by approximately 47%, taking it up to around $1.48. If buying pressure continues robustly, SUI could potentially climb even higher, reaching a potential target of $2.00.
If the cost of SUI doesn’t keep rising above its ascending triangle, it might suggest market instability, causing the asset value to potentially decrease back within the triangle, dropping below the 200-day Exponential Moving Average. A more significant drop could contradict the current bullish argument as the price searches for fresh support around $0.75 and $0.64.
Futures Traders Are Betting On A $2 SUI
Based on the analysis of technical indicators, there’s a significant possibility for an upward trend towards $2. The Relative Strength Index (RSI) stands at 65 and is increasing, which suggests a robust buying momentum. This means that we might witness even higher price peaks in the near future.
According to data from Coinglass, traders are significantly favoring long positions over short ones, approximately seven times as many, indicating a prevailing bullish sentiment in the market. This is due to their belief that prices might continue climbing upward.
As a researcher, I’ve observed that significant prices to keep an eye on are $0.982, $0.96, $0.90, and $0.883. These levels seem to be where most trades have been initiated with high leverage. If the price falls below these points, there’s a possibility of further decline, as the range between $0.98 and $0.883 appears to function as a daily buy wall.
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2024-09-12 08:44