Grayscale Sui Trust launch boosts SUI price toward 2-month high

The recent launch of Grayscale’s Sui Trust has propelled SUI (CRYPTO:SUI), the native token of the Sui blockchain, to become the top-performing cryptocurrency in the past 24 hours. 

Trading at $1.04, SUI's price has surged nearly 20% since the announcement, driven by growing interest from accredited investors now able to gain exposure through the trust. 

SUI's rally is supported by a significant increase in trading volume, which has surpassed $516 million, marking a 115% rise in the last 24 hours. 

According to on-chain data, this simultaneous increase in price and trading volume signals a bullish trend, reflecting strong demand and growing confidence in the asset. 

On-chain data shows that SUI's daily trading volume is at its highest level in the past 30 days, indicating heightened interest. 

The derivatives market is also showing increased activity. 

SUI's open interest, representing the total number of outstanding futures or options contracts, has climbed by 53% in the past day, according to data from Coinglass. 

This rise in open interest signals a growing willingness among investors to take positions in the market, either to hedge or speculate on future price movements. 

SUI's funding rate, which is currently at 0.0086%, indicates a preference for long positions, further suggesting optimism for a continued price rally. 

According to technical analysis, SUI’s Relative Strength Index (RSI), a key technical indicator measuring overbought and oversold conditions, is currently at 64.92, suggesting strong buying pressure. 

If this momentum continues, SUI could target a 60-day high of $1.11. 

However, the market remains volatile; if profit-taking intensifies, SUI could see a decline of up to 55%, potentially dropping its price to $0.46.

At the time of reporting, the Sui (SUI) price was $1.04.