SUI Price Soars On Grayscale News: 4x Gains on the Way?

The Grayscale news has ignited the SUI bulls, where the price coincides with a major demand zone. Both factors showcased optimism. In the Intraday session, SUI price the 46th-ranked crypto, had attained nearly 6% 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 54%. The recent green candle signified increased liquidity in SUI, as the ratio was 15.34%. Thus, it makes trading much easier on an exchange close to the exchange value.

The Grayscale News for SUI

Per the recent tweet post by the official @Grayscale handle, It already offers more than 20 crypto investment products.

It has recently announced that they have created two new single-asset crypto investment funds in the public launch. This would be available through private placements like Graysacle Bittensor Trust (TAO) and Grayscale SUI Trust (SUI).

They further said that with the launch of Grayscale Sui Trust and Grayscale Bittensor Trust, they wish to provide investors access to cutting-edge projects. These projects are part of the crypto ecosystem’s continued evolution.

We are proud to announce the creation of two new single-asset crypto investment funds, available through private placement: Grayscale Bittensor Trust $TAO and Grayscale Sui Trust $SUI.

Available to eligible accredited investors.

Press release: https://t.co/Xplh81KI9W

1/3 pic.twitter.com/pGcLhcZSdD

— Grayscale (@Grayscale) August 7, 2024

The attention grabbed by giants like Grayscale has garnered an exclusive milestone.

Specifically for SUI, Grayscale’s Head of Product & Research, Rayhaneh Sharif-Askary, said it has been redefining the smart contract blockchain. It happens to be a high-performance layer-1 designed to enable globally scalable dApps.

Floating Supply Distribution in SUI & Its Rich List

According to the CoinMarketCap data, SUI’s tokenomics displayed that 2.596 Billion SUI tokens were floating in people’s hands. This makes 25.96% out of the total of 10 Billion tokens.

As of writing, the fully diluted market cap of the coin with respect to price was $6.347 Billion. The SUI Token unlocks highlighted excluding unlocked supply, and the locked supply was 21.87%. Moreover, the untracked supply was at 52.17%.

As of this writing, the next unlock date was September 3rd, when it will unlock 83.88 million coins.

Rich List & tokenomics | Source: Coincarp & CoinMarketCap

According to the CoinCarp platform, the massive adoption witnessed via the graph over the 1 year in SUI. Its holders advanced rapidly from an August low of 3.9 Million holders to 19.9 Million holders.

The SUI holder stats showed that its top 10 holders held 13.55% of the total supply. From a broader perspective, the top 100 addresses held 15.84% of the floating supply.

Decoding the Benefit SUI price Might get From Grayscale Involvement

At press time, the SUI has advanced from the demand zone, where history has proof of a massive surge from the level.

The indications are on the screen, as the RSI has resurged from oversold territory, coinciding near the demand area. A catalyst could kickstart a rally or a parabolic thrust ahead.

The all-time high (ATH) was $2.1790. It traded nearly 70% down from that level. However, from the all-time low (ATL), the price traded 70% higher, which was $0.3630.

Therefore, if the SUI price surges, the resistance would be at $0.93 and $1.43, respectively. However, if the demand area breaks, the support needed to be studied would be at $0.48 and $0.36, respectively.

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