Over the past week, Sui (SUI) has experienced a significant 83% price increase, rising from $0.50 on August 5 to $0.95 and currently trading at $0.94. Several factors driving SUI’s surge include support from high-profile names, heavy off-market bidding, strength in holding despite large amounts of tokens being unlocked, and recent technology upgrades. In addition, Grayscale launched the Grayscale Sui Trust on August 7 to provide institutional support. This growth has pushed its market capitalization to over $2.4 billion, making it the 30th largest crypto asset, with a daily trading volume of approximately $400 million. However, market data shows that short positions are now dominant, suggesting traders are anticipating a pullback in prices.

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