The Sui price surged 31% in the last 24 hours to trade at $0.8462 as of 03:36 a.m. EST on trading volume that skyrocketed 52% to $389 million.
SUI has been in a sustained rally in the last two days after Grayscale announced on Wednesday the launch of two new crypto investment funds for Bittensor (TAO) and Sui (SUI) tokens.
The new funds, coming in as single-asset funds, will provide investors with exposure to potential price growth from the developments taking place in the Bittensor and Sui protocols.
The move also reflects the steps Grayscale is taking to expand its decentralized investment offerings.
Sui Price Prediction: The SUI Price Aims For A Continued Rally
The Sui price was in a downward trend from July 29 to Aug. 5, dropping from the $0.78 resistance to the $0.52 support level.
SUI bulls then gained control of the altcoin’s price, pushing it through a markup phase as the SUI price reclaimed the $0.52 resistance, forming a rounding bottom pattern.
Investors then capitalized on the pattern to push the price of Sui above the resistance, as they aim to sustain the momentum.
On the 4-hour chart, SUI now trades above both the 50-day and 200-day Simple Moving Averages, a confirmation that the price is now on an uptrend.
The Relative Strength Index (RSI) also affirms the positive momentum, as it bounces from the oversold level, currently at 79, which shows that SUI is overbought.
Daily chart for SUI/USDT (Source: Tradingview.com)
If the momentum continues, the SUI price could continue surging, as the bulls target $1, a 17% increase from the current price.
However, the RSI shows that the asset is currently overvalued, which is a selling signal. Investors could therefore start booking profits. In this scenario, the price of SUI could drop to the immediate support levels at $0.74 and $0.63, which are the 200-day SMA and 50-day SMA, respectively.
