The Sui price has surged 10% in the last 24 hours to trade at $0.863 as of 6:07 p.m. EST, on a 20% surge in trading volume to $336 million.
This rise in price comes as Grayscale announces the launch of two new investment trusts: the Grayscale SUI Trust and the Grayscale TAO Trust. This move reflects a strong vote of confidence.
Grayscale Opens Sui Trust to Qualified Investors
According to Foresight News, Grayscale has announced that its Grayscale Sui Trust is now open to qualified investors.
As of Aug 8,2024,net asset value per share of the #Grayscale Sui Trust stands at $11.42, with a mgmt fee of 2.50% pic.twitter.com/PYqjxjRcwI
— Crypto Consultant (Mukesh Pujari) (@KryptoConsultan) August 9, 2024
Sui Price Analysis: Bulls Signal A Bull Rally After A Breakout Above The Bearish Channel
SUI is currently in a historically bearish phase, with bulls trying to push this price above the bearish channel created since hitting a resistance at $2.202. According to GeckoTerminal data, bulls are trying to sustain the momentum after regrouping at $0.5197, which has enabled the crypto to rally above the channel. This presents a new challenge for investors and traders. However, if the market continues to rally over the long term, SUI could see more gains ahead.
SUIUSDT Analysis By TradingView
Despite the slight pullback at the $1.89 resistance, bulls showed resilience, keeping the price above the 50-day simple moving average (SMA). However, the Sui price still remains relatively below the 200-day SMA. While this remains a challenge for bulls to overcome, increased momentum should be able to confirm the rally above the 200 SMA.
The Relative Strength Index (RSI) is also bullish following a rebound from the 30 oversold level past the 50 midline level towards the 70 overbought level. This indicates intense buying pressure which could help push the RSI into the overbought region.
The MACD indicator also presents positive momentum after it rebounded below the MACD Signal. Recently, the MACD line broke above the MACD Signal line. Traders might see this as a sign that the crypto has entered a positive trend. This adds to the belief that a bullish rally might soon ensue.
Sui Price Bulls Aim For New Highs Above The Channel
As the week comes to a close, investors and traders might face some resistance, leading to a few turbulent days before a potential long-term rally. This potential market volatility could also benefit bears over the long run.
The Sui price maintains a bullish stance as bulls look to achieve new highs with support from technical indicators. If the scenario unfolds, bulls could propel the price to a new high at $1.53 in the upcoming weeks.
In a converse case, bears regaining control opens up the risk of a sell-off towards the protective support zone at $0.6067.
A Promising Alternative: The Next Meme Coin To Explode 100X?
Given the uncertainty and volatility surrounding the outlook for the Sui price, investors are looking to diversify into the new layer-2 token Pepe Unchained ($PEPU).
PEPU is one of the year’s top-performing ICOs and is currently in presale, making it shielded from the ongoing meme coin selloff affecting the sector.
Unlike the original PEPE, PEPU operates on its own native layer 2 network, moving away from the congested layer 1 Ethereum mainnet. This upgrade provides investors with faster transaction speeds, greater scalability, and significantly lower fees. PEPU aims to achieve speeds up to 100 times faster than meme coins currently on the Ethereum network.
Pepe is gearing up to surf his own Layer 2 blockchain – the first of its kind! 🐸🌊 pic.twitter.com/T41V8wNDBh
— Pepe Unchained (@pepe_unchained) August 8, 2024
Additionally, its layer 2 chain will feature an explorer and offer an impressive annual staking yield of 244%.
It has attracted the attention of analysts on the 99Bitcoins YouTube channel, with more than 706k subscribers, who say PEPU has the potential to lead the next bull market and even become the top meme coin.
You can join investors who have already pumped more than $7.9 million into PEPU by buying the token for $0.0089919. You might want to act fast if you are interested in buying the meme coin, because there will be a price hike in less than 2 days.
Buy PEPU here using ETH, USDT, BNB, or a bank card.
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