SUI Price Escapes 100-day Correction Amid Grayscale Sui Trust News, What’s Next?
Highlights
- SUI price gives a bullish breakout from the channel pattern resistance, ending a 100-day correction period.
- On Wednesday, Grayscale introduced two new cryptocurrency investment vehicles: the Grayscale Bittensor Trust and the Grayscale Sui Trust.
- A price jump above 20-and-50-day EMA could hint at a positive shift in the near-term trend.
The SUI price decelerated in its recovery during Friday’s U.S. trading hours, as Bitcoin’s retreat to $60,000 increased selling pressures. Despite this, Grayscale’s recent introduction of its new SUI Trust fund provided some buying support to create a Doji candle in the daily chart. This neutral reflects a slight pause in recent bullish momentum, which uplifted this asset from $0.46 to $0.83 this week, registering an 80.5% rally.
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 29% accentuates the weakening of the prevailing bearish momentum. Today, the SUI token trades at $ 0.855 and shows sustainability above the breached trendline with a 0.54% intraday gain.
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.
Frequently Asked Questions (FAQs)
1. How has the SUI price reacted to the Grayscale Sui Trust launch?
2. What are the key technical levels to watch for SUI?
3. How are the broader market conditions impacting SUI?
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