The Sui blockchain has grown to a vibrant Web3 ecosystem with over $712 million in TVL and nearly $400 Million in stablecoins market cap.
Amid the ongoing crypto recovery, Sui SUI $2.51 24h volatility: 0.2% Market cap: $9.09 B Vol. 24h: $1.01 B , a fast-growing layer one (L1) blockchain backed by the former lead architects of Meta’s blockchain research team, has made significant waves in the altcoin industry. The mid-cap altcoin, with a fully diluted valuation of about $10.3 billion, registered a 95 percent spike in its daily average traded volume to around $479 million.
The sharp uptick in Sui’s demand resulted in a rally of over 17 percent in the last 24 hours to trade at about $1.04 on Thursday during the European session.
As a result, Sui price is currently retesting a major resistance level that has been revisited three times without success since the August 5 crypto crash. If the altcoin consistently closes above the current resistance level and converts it to a support level, the bulls will be in control in the near term.
In such a scenario, the Sui price will be aiming for the next liquidity range between $1.11 and $1.35, which coincides with the daily 1 and 1.618 Fibonacci Retracements respectively.
In the Sui’s weekly time frame, the bulls are also attempting to reclaim control after being trapped in a falling trend for the better part of 2024.
The bullish narrative could be invalidated if the Sui price falls and consistently closes below 76 cents in the near term.
Top Reasons Sui Price Rallied Today
The notable rise of Sui price in the last 24 hours is largely attributed to the announcement by Grayscale Investments that it has opened the private placement of the Grayscale Sui Trust, which operates in a similar manner as to the spot Bitcoin or Ethereum ETFs.
Grayscale Sui Trust is open to eligible accredited investors seeking exposure to $SUI, a third-generation blockchain designed to help address scalability and transaction costs.
Click below to learn more about Grayscale Sui Trust or reach out to us: https://t.co/WgCAFA7E8L pic.twitter.com/gic7kJDzF6
— Grayscale (@Grayscale) September 11, 2024
As of this report, the Grayscale Sui Trust has net assets under management of about $892,213. Grayscale has grown to a major issuer of investment vehicles focused on digital assets including NEAR, Avalanche (AVAX), Bittensor, and MakerDAO, among others.
The launch of the Grayscale Sui Trust will play a crucial role in onboarding institutional investors into the SUI market, thus increasing liquidity amid the ongoing macro crypto bull run.
Growing DeFi Ecosystem
The Sui blockchain has grown to a vibrant multichain smart contract ecosystem supporting top-tier decentralized financial (DeFi) platforms. Since September 2023, Sui’s TVL has grown from around $24.53 million to more than $712 million at the time of this report.
Similarly, the network’s stablecoins market cap has skyrocketed in the past few months. The Sui network has funded more than 80 projects in its more than $5 million grant programs.
Meanwhile, the Sui team has been accepting pre-orders of the SuiPlay0X1, the first web3-native handheld gaming device, for $599 with the official launch expected in the first half of 2025.
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