As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the meteoric rise of Sui, a layer one blockchain that has been making waves in the altcoin industry. With my finger always on the pulse of the crypto market, I’ve witnessed firsthand the ebb and flow of digital assets, and the potential of Sui is undeniably captivating.
In the midst of the crypto market’s recovery, Sui – a rapidly expanding layer one (L1) blockchain developed by the original architects of Meta’s blockchain research team – has left a substantial impact on the altcoin sector. This mid-tier altcoin, boasting a fully diluted valuation of approximately $10.3 billion, experienced a striking 95% increase in its daily average traded volume, reaching nearly $479 million.
Due to a significant increase in requests for Sui, there was an upward surge of more than 17% in its value within the past 24 hours, causing it to be traded at approximately $1.04 during the European trading period on Thursday.
Consequently, the price of Sui is now attempting to break through a significant barrier that it has failed to surmount on three occasions since the crypto collapse on August 5th. If this altcoin consistently ends its sessions above the present resistance level and transforms it into a support level, the bulls will have the upper hand in the short term.
Given these circumstances, the Sui price is likely targeting its next price band, which falls between $1.11 and $1.35. This range aligns with the daily Fibonacci Retracement levels at 1 and 1.618 respectively.
Over the course of each week in 2024, the bulls have been trying to regain dominance, having been stuck in a downward trend for most of that year.
In simpler terms, if the value of Sui drops significantly and repeatedly ends trading below 76 cents in the short run, it may weaken or reverse the positive outlook on its price.
Top Reasons Sui Price Rallied Today
In the past day, we’ve seen a significant increase in Sui’s price, primarily due to Grayscale Investments revealing their intention to launch a private offering for the Grayscale Sui Trust. This trust functions similarly to a Bitcoin or Ethereum exchange-traded fund (ETF).
The Grayscale Trust for the digital currency SUI welcomes accredited investors who are interested in investing in SUI, a cutting-edge third-generation blockchain aimed at resolving 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
At present, the Grayscale Sui Trust manages approximately $892,213 in total assets. Grayscale has expanded significantly to become a significant player in the creation of investment tools for digital assets, such as NEAR, Avalanche (AVAX), Bittensor, MakerDAO, and various others.
Launching the Grayscale Sui Trust is significant because it helps attract large-scale investors to the SUI market, thereby boosting market liquidity during this current cryptocurrency market upswing.
Growing DeFi Ecosystem
As a crypto investor, I’ve been closely following the growth of the Sui blockchain. This dynamic platform has transformed into a bustling multichain smart contract ecosystem, accommodating leading decentralized financial (DeFi) platforms. Since September 2023, the TVL (Total Value Locked) of Sui has surged significantly, starting at approximately $24.53 million and reaching over $712 million by the time this report was compiled. The growth trajectory of Sui is truly remarkable!
In recent months, the market value of stablecoins within the network has dramatically increased. Moreover, over 80 projects have received funding from the Sui network through grants totaling more than $5 million.
Currently, the Sui team is taking advance orders for the SuiPlay0X1, a pioneering web3-compatible handheld gaming system, at a price point of $599. The official release is anticipated in the early part of 2025.
Read More
Sorry. No data so far.
2024-09-12 15:59