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- The Sui Network token sees strong interest following Grayscale’s new Sui Trust launch, boosting its market position.
- Raoul Pal identifies SUI as a potential outperformer against major tokens like AVAX, APTOS, and SOL.
The cryptocurrency market appears to be slowing in its recovery, but there is one noticeable exception: the Sui Network (SUI) token, which has shown a tremendous spike and is currently leading the list of top gainers. As of this writing, SUI is trading at roughly $0.8401, up 31.12% over the last 24 hours.
This significant growth has pushed its market cap to $2.181 billion, making it the 34th largest cryptocurrency, according to CoinMarketCap.
Grayscale’s Sui Trust Spark Investor Excitement Amid Potential Breakout
Following the recent launch of Grayscale’s Bittensor and Sui Trusts, which aim to broaden their investing possibilities, there appears to have been a surge in interest in this token.
According to a prior CNF report, the Grayscale Sui Trust is focused on investing in the Sui Network token. The new trust is currently accepting daily subscriptions from authorized individuals and institutional investors, adding to the excitement about SUI.
Meanwhile, given the SUI token’s recent strong performance, Raoul Pal, CEO of Real Vision, has noticed that SUI is beginning to seem good in terms of price.
Although confirmation is required, this signals a potential breakout from the Descending Channel pattern on the daily chart. Raoul believes SUI has the potential to outperform in pairs with other tokens such as AVAX, APTOS, NEAR, TIA, BTC, and SOL.
On the other hand, it’s worth noting that we’ve already reported tremendous growth in Sui Bridge in recent months, which has significantly improved cross-chain integration and interoperability across the Sui Network.
The Sui Bridge has four essential components: the bridge committee or node network, smart contracts, full nodes that run on both Ethereum and Sui, and the bridge client.
