SUI hits monthly highs as Grayscale opens Sui Trust to accredited investors

Sui has seen an impressive rally in the past day following Grayscale’s decision to open the Sui Trust to accredited investors.

Sui (SUI) has seen a 17% price increase in the past day — from $0.74 on September 2 to a monthly high of $1.05 earlier today. The token is also up 27% in the past 7 days.

Following the price surge, SUI’s market cap surpassed $2.75 billion, making it the 34th largest crypto asset with a daily trading volume of approximately $451 million.

One of the key drivers behind SUI’s recent price appreciation is Grayscale’s decision to open its Sui Trust to accredited investors. As one of the leading digital asset managers, Grayscale’s support adds a layer of credibility by attracting institutional interest in Sui.

At the same time, a broader market rally, marked by the global cryptocurrency market cap rising from $2.08 trillion to $2.26 trillion on September 12, further fueled the positive sentiment, supporting the SUI’s bullish trend.

Bulls dominate as SUI prepares for price rally

Looking at data from Coinglass, total open interest for SUI has jumped from $212 million to $275 million, an increase of over 40% in the last 24 hours. Additionally, SUI’s total funding rates have jumped to a positive 0.0086%, indicating a shift in market sentiment.

The dominance of long holders over short holders indicates optimism among investors betting on a possible price increase in SUI.

SUI price, RSI and MACD chart | Source: crypto.news

SUI’s Relative Strength Index currently sits at 65, suggesting that the token could see some gains before reaching overbought levels, which could signal a potential consolidation or minor pullback if it were to reach higher levels.

Positive momentum is also evident when looking at the Moving Average Convergence Divergence, with the MACD line moving above the signal line and both moving upwards, supporting the ongoing uptrend. Along with increasing trading volume, this is indicative of strong buying interest and suggests the potential for further price gains in the short term.

Key levels to watch include potential resistance around $1.10, which could pose a challenge for further gains. If the price breaks this level, a stronger rally could follow. On the downside, $0.90 acts as support. A drop below this could signal a possible return to $0.70 or a consolidation phase, as confirmed by crypto analyst Hov.