Sui (SUI) Price Jumps 44% This Week, Marking the Best Performance in the Crypto Market

The primary catalyst for Sui's growth was Grayscale Investments' announcement on Aug. 7 about the launch of the Sui Trust.

The price of Sui (SUI) has risen by 44.2% this week, making it the best performer among the top 100 cryptocurrencies by market capitalization during this period.

According to CoinGecko, Sui has been on an upward trend for the past 7 days, with Helium (HNT) following in second place with a 36.2% increase. Notably, Bittensor (TAO) ranks third with a 25.1% rise, despite facing a significant price drop earlier in the month.

Institutions Drive Growth, Bitcoin Diverges from Alts

A closer look at the top 100 reveals that the primary catalyst for Sui's growth was Grayscale Investments' announcement on Aug. 7 regarding the launch of the Sui Trust. This news also played a role in Bittensor's performance, as Grayscale announced a similar trust for it, contributing to TAO's price rise.

Grayscale, being a major institutional player in the crypto space, brought significant attention to Sui, which in turn attracted other investors and traders to the coin.

It's also interesting to note the divergence in performance between Bitcoin (BTC) and altcoins, especially in the current market conditions. According to Dune data, Sui has shown the strongest growth among Layer 1 (L1) coins against BTC over the past month, with a 34% difference.

Meanwhile, Solana (SOL) has underperformed against Bitcoin, showing a 4% decline over 30 days.

SUI's Performance May Continue or Reverse

Whether SUI will continue its upward trajectory or if this rise is just a short-term reaction to the news remains to be seen.

However, a trader known as ZeO points out that Sui's 78.81% correction is nearly complete. According to ZeO, Sui could be one of the few coins to reach a new all-time high being a non-meme coin.

$SUI – Looks beautiful

~80% correction done

– Bullish Divergence on Weekly

– Strong engulfing on the Weekly

I think this will be one of the first 'non memecoin' to make a new ATH once things get going. pic.twitter.com/MwVpmSIh8r

Zer0 ?️ (@degengambleh) August 10, 2024

However, some remain skeptical about Sui's future. Despite being backed by a strong team, many of whom previously worked at Meta (formerly Facebook), Sui's price has experienced a significant decline over the past 3 months.

I really don't understand why they say this is a good coin

Research carefully before buying it, don't listen to what anyone says

$SUI pic.twitter.com/p7nmqZMRDt

Crypto Oleg (@Crypto_Oleg16) August 11, 204

According to CoinGecko, Sui's price peaked at $1.16 on Jun. 7, the highest point in the past 3 months. However, the price subsequently dropped and has struggled to regain the $1 level.

At the time of writing, SUI is trading at $0.83, showing a 3 months low of -$0.33 and a 7 days high of $0.58.

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