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- The SUI token surged 78% to $0.89 after Grayscale announced an investment fund for Sui and Bittensor.
- Additionally, Bittensor experienced a 94% surge before its bullish momentum halted on August 9, followed by a 13% decline by August 11.
The Sui token has showcased unprecedented growth, surging 78% in the past week. This impressive rally has been attributed to two primary factors: Grayscale’s launch of a new Sui fund and the transition of the Sui Name Service to a decentralized protocol.
Pondering, Grayscale, a high-financial muck-a-muck, recently introduced new investment trusts, including those for Sui and Bittensor (TAO). Following the sensational breakthrough, a purchasing frenzy for SUI and TAO was ignited, with SUI experiencing a significant impact.
At the time of writing, SUI is swapping hands with $1.06, marking a 19.19% and 120.99% surge in the last 24 hours and past week, respectively. This has led to a 24-hour trading volume of $576,479,181 and a live market cap of $2,695,467,051. But wait, there is more: SUI has also seen a significant surge in Open Interest.
According to data from Coinglass, SUI’s Open Interest soared from $56.95 million on August 7 to $180.97 million by August 11. This significant rise indicates strong investor confidence in the token’s potential.
Capitalizing on the buzz created by SUI’s tremendous performance, Raoul Pal, CEO of Real Vision, gave out a bullish outlook for the token. According to the CEO, SUI has the potential to outperform in pairs with other tokens such as AVAX, APTOS, NEAR, TIA, BTC, and SOL, as reported earlier on CNF.
Unsurprisingly, the CEO is among those behind SUI’s success story, according to Kang, the founder of Mechanism Capital. Kang took to the X platform, asserting that “No knowledge of anything actually happening but the combination of the below leading me to bet that there are some interesting developments upcoming for $SUI 1. Raoul pal shill thread while he sits on advisory board 2. Large OTC bids 3. Relatively strong holdership through big unlocks 4. Aggressive price action with no pullback 5. Big recent performance upgrade with Mysiceti potentially allowing for interesting new apps’
The success story doesn’t end there, Bittensor (TAO) got some serious bragging rights too. Following Grayscale’s launch of a new Bittensor fund, the token experienced a 94% surge before its bullish momentum halted on August 9, followed by a 13% decline by August 11. TAO is exchanging hands with 288.06 at the time of writing, marking a 3.69% decline in the last 24 hours.
SUI’s Technical Analysis
Diving into the technicalities, SUI is flying high above the Ichimoku Cloud Indicator, further signaling a bullish trend. The token is trading above this cloud and approaching its upper limit, preparing to battle the next significant resistant level. If the token breaks above this level, it could rise towards $1.10. On the downside, initial support is around $0.85, with additional support at $0.70.
