SUI Price Surges 78% Following Grayscale's New Fund Announcement and Sui Name Service Transition to a Decentralized Protocol

SUI, the native token of the SUI Layer-1 blockchain, surged to $0.89 on August 12, marking a 78% gain over the past week.

SUI, the native token of the SUI Layer-1 blockchain, has seen a remarkable 78% gain over the past week, surging to $0.89 on August 12. This price increase comes as Grayscale announces a new SUI fund and the Sui Name Service transitions to a decentralized protocol.

Currently, SUI is trading at $0.89, with a 24-hour trading volume of $381,082. The token has a market cap of $313,257,450, and recent fluctuations in trading volume and market cap are attributed to increased market activity and investor interest.

Grayscale, a leading digital currency asset manager, has launched new cryptocurrency investment trusts, including SUI and Bittensor (TAO). This decision showcases Grayscale's confidence in the future prospects of these tokens within the company's portfolio.

Following the announcement, both SUI and TAO experienced a surge in buying pressure, with SUI's being particularly pronounced. While Bittensor's price increase halted on August 9, declining by approximately 13% by August 11, SUI's price continued to rise.

This sustained price increase is further supported by a rise in Open Interest, which indicates new capital being invested in the asset. According to data from Coinglass, SUI's Open Interest rose from $56.95 million on August 7 to $180.97 million by August 11.

This increasing interest suggests that the price of SUI may continue to rise, potentially crossing the $1 mark soon. From a technical perspective, the price of SUI is currently above the Ichimoku Cloud indicator, suggesting a bullish trend.

The cryptocurrency is now trading above Ichimoku Cloud and is approaching the upper limit of the cloud, with $1.00 being the next significant resistance level. If SUI manages to break above this level, we could see it rising towards $1.10.

On the flip side, there is initial support around $0.85, but more substantial support lies at $0.70. Overall, the continuous upward trajectory of SUI and the growth in Open Interest indicate that there is more potential for SUI price growth up to and beyond the $1 mark.

The recent surge in SUI's price can be attributed to growing investor confidence, which is evident in the token's continuous upward trajectory and the indication of more capital being invested in the asset. This upward momentum suggests a strong potential for further gains in the near future.

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