Will Grayscale Involvement Lead To A Rally In SUI?

9 thg 8, 2024

The Grayscale news has ignited the SUI bulls, as they have created Grayscale SUI Trust (SUI). In the Intraday session, SUI, the 34th-ranked crypto, had attained nearly 31% gains after the news.

When writing, the bullish boost gave SUI price and market cap a thrust upwards of 6%. This amounted to $1.66 Billion.

The spot volume inflow was more than 51% higher at $386 Million, and the Market cap surged 31%, reaching an amount of $2.1 Billion.

At press time, the SUI has increased from the historically proven demand zone, where history has shown a multifold surge from the zone.

The price has pierced the 50-day EMA, and with continued Grayscale presence, the price could blast off for a further rally beyond the 200-day EMA, which could lead to a retest of the supply level.