The price of SUI rose 13% in one day, trading at $1.02 on September 12. This is part of a rally that began on September 3, and SUI has gained over 27% over the past seven days.
According to data from Cointelegraph Markets Pro and TradingView, SUI rose as much as 15% from its low of $0.9274 on September 12, reaching an intraday high of $1.07.
SUI/USD daily chart. Source: TradingView
Compared to SUI, the total cryptocurrency market cap has increased by 1.15%, reaching $2.02 trillion. Therefore, SUI’s performance in the last 24 hours has become the cryptocurrency with the highest gain among the top 100 cryptocurrencies by market cap.
Top Gainers on September 12. Source: CoinMarketCap
“SUI’s recent price surge has seen it outperform the overall market,” cryptocurrency market commentator Crypto Banter wrote in a post on X on September 12.
“This is primarily due to the launch of the Grayscale Sui Trust. This new investment vehicle has attracted attention and likely increased demand for $SUI tokens!”
On September 12, Grayscale officially announced the formation and public launch of the Grayscale SUI Trust, which provides investors with exposure to SUI. The trust is now open to all eligible accredited investors.
source: Grayscale
The U.S.-based digital currency asset management firm said the Grayscale SUI Trust functions like Grayscale’s other single-asset investment trusts and invests only in tokens backed by the SUI Layer 1 blockchain.
“The stock is designed to track the SUI market price, excluding fees and expenses.”
According to data from DefiLlama, Sui remains one of the top 30 Layer 1 blockchains with a total value locked (TVL) of over $711 million on its network. The chart below shows that SUI’s TVL has more than doubled in the past month, rising 107.5% between August 5 and September 12.
TVL on Sui Network. Source: DefiLlama
The protocols that contributed to the increase in TVL on SUI are Cetus, a decentralized exchange (DEX) with a TVL of $121 million, up 22% in the last 30 days; Navi Protocol with a TVL of $261 million; Scallop Lend with $117.75 million; DeepBook with $29.31 million; and FlowX Finance with $15.78 million.
Increasing TVL indicates high user interaction and increased trust in the network. In some cases, this increases demand for the native token and drives its price higher.
relevant: Grayscale Launches US XRP Trust, Paving the Way for Potential ETFs
Traders have set ambitious targets for the SUI price.
“SUI is showing bullish signs as it approaches a key resistance level,” declared anonymous cryptocurrency analyst Cryptorphic in his latest SUI analysis for X.
Cryptorphic mentioned the $1.025 level, which has been broken twice recently. According to their analysis, a break of this level “opens up huge upside potential, with an upside target set at $2.58, the upper boundary of the ascending channel.”
“A solid breakout could push SUI into price discovery, opening up significant upside potential.” SUI/USD daily chart. Source: Cryptorphic
Meanwhile, fellow analyst Bmoon set a more ambitious target for SUI pricing, suggesting that prices could hit $3.60 in Q4 2024.
“$SUI Q4 target is $3.60. I’ve been bullish on @SuiNetwork for a few weeks now and I’m still amazed at how well the price has held up. Sui’s #DeFi is also bullish.”
SUI/USD Weekly Chart. Source: epitaph
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.