09 Aug 2024 Arjun Agarwal
SUI Explodes After Grayscale Addition
The SUI bulls have been stoked by the news that Grayscale is adding SUI to its crypto products. Both elements demonstrated optimism. Following the news, the 33rd-ranked cryptocurrency, SUI, saw a nearly 6% increase in price during the intraday session.
The bullish surge caused the price of SUI to rise by 27.87% in the last 24 hours.
Source: CoinMarketCap
The inflow of spot volume exceeded 54 percent. The recent green candle, with a ratio of 15.34%, indicated increased liquidity in SUI. As a result, trading on an exchange near the exchange value is considerably simpler.
More than 20 cryptocurrency investment products are already available, according to a recent tweet from the official Grayscale's X account.
It just made the announcement that two new single-asset cryptocurrency investment funds have been established for public launch. Private placements such as Grayscale SUI Trust (SUI) and Graysacle Bittensor Trust (TAO) would make this available.
They continued by saying that they wanted to give investors access to cutting-edge projects with the introduction of the Grayscale Sui Trust and Grayscale Bittensor Trust. The ongoing development of the cryptocurrency ecosystem includes these projects.
Rayhaneh Sharif-Askary, Head of Product & Research at Grayscale, stated that SUI in particular has been redefining the smart contract blockchain. It is a layer-1 high-performance system intended to support globally scalable decentralized applications.
SUI's tokenomics showed that 2.596 billion SUI tokens were in circulation, based on data from CoinMarketCap. 25.96% of the 10 billion tokens total are represented by this.
At the time of writing, the coin's fully diluted market cap was valued at $6.347 billion. The locked supply was 21.87% of the SUI Token unlocks, which excluded unlocked supply. Additionally, 52.17% of the supply was untracked.
As of this writing, September 3rd was the next unlock date, which will release 83.88 million coins.
The CoinCarp platform reports that over the course of a year in SUI, the graph shows massive adoption. From a low of 3.9 million holders in August, its holders increased quickly to 19.9 million holders.
According to SUI holder statistics, the top ten holders accounted for 13.55% of the total supply. More broadly, 15.84% of the floating supply was held by the top 100 addresses.
As of the time of publication, the SUI has moved out of the demand zone, where past events have demonstrated a significant rise from the level.
The RSI has recovered from oversold territory and is now showing signs on the screen, which correspond to the demand area. A rally or a parabolic advance could be sparked by a catalyst.
$2.1790 was the all-time high (ATH). From that point, it traded down by almost 70%. On the other hand, the price traded 70% higher at $0.3630 from the all-time low (ATL).
Consequently, the resistance would be at $0.93 and $1.43, respectively, if the price of the SUI surged. The support that needs to be examined would be at $0.48 and $0.36, respectively, if the demand area breaks.
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