SUI price strongly recovered from $0.46 to $0.83 this week, registering an 80.5% rally. This sudden bullish turnaround can be attributed to the mid-week rebound in the crypto market and Grayscale’s launch of a new SUI Trust fund. Will this recovery be sustained?
Grayscale Launches Sui and Bittensor Investment Trusts
On Wednesday, August 7th, Grayscale Investment announced the public launch of two new crypto investment trusts: Grayscale Sui Trust and Grayscale Bittensor Trust. These trusts are part of Grayscale’s efforts to provide investors access to innovative tokens within the rapidly evolving crypto ecosystem.
“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain,” said Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary.
The Sui Trust, an investment vehicle solely dedicated to the SUI token, aims to capitalize on the potential of its high-performance Layer 1 smart contract platform, which is designed for scalable decentralized applications.
SUI Price Gives Decisive Breakout From Reversal Pattern
SUI price has been in a steady downtrend over the past three months under the influence of a falling channel pattern. The chart setup, consisting of two downsloping trendlines, provides the asset with dynamic resistance and support.
On Thursday, SUI price decisively broke from the channel’s upper boundary amid the recent market rebound. If sustained, this breakout would signal a change in market sentiment from selling-on-rallies to buying-on-dips.
A sudden drop in the Average Directional Index (ADX) indicator below 30% accentuates the weakening of the prevailing bearish momentum. Today, the SUI token trades at $0.839 and shows a possible retest of the breached trendline with a 1.5% intraday loss.
The potential pullback will now obtain additional support from the recently reclaimed 50-day Exponential Moving Average (EMA) slope at $0.8. With sustained buying, the post-breakout rally could target $1.17 after a 40% rise, followed by $1.44.
On the contrary, the broader market has yet to signal the end of the correction trend. If the SUI price enters the channel pattern, the bullish thesis will be invalidated with a tag of fake breakout.
This breakdown will surge the selling pressure and push the altcoin 26% down to seek support at $0.62.
The post SUI Price Targets $1 Comeback Following Grayscale Sui Trust Launch appeared first on CoinGape.
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