SUI Explodes 30% After Crypto Market Shows Signs Of Life
August 09 2024 - 6:00AM
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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.
Related Reading: Dogecoin Price Looking Stronger – ‘Expect Massive
Gains’, Analyst Predicts 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. Related Reading:
Polkadot Developments Show Strength, Despite Coin’s 18% Loss 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
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