SUI Resumes Bullish Drive Upward As the crypto market resumes its bullish drive upward, the altcoin market is showing the most significant gains. SUI is one of those tokens, gaining almost 31% in the

Despite the fears that the downtrend will continue, the crypto market resumes its bullish drive upward with the altcoin market showing the most significant gains.

The crypto market continues its bullish momentum with altcoins leading the rally. Among them, SUI has surged nearly 31% in the past 24 hours as BTC and ETH return to pre-correction levels.

As the market rallies, SUI is expected to ride the wave and continue its upward trajectory, especially with the institutional interest in the Sui platform that will also propel the price up.

Grayscale Launches New Funds For SUI And TAO

In a press release by Grayscale, the crypto asset manager announces the launch of investment trusts in SUI and TAO, to be known as the Grayscale SUI Trust and the Grayscale TAO Trust. This move marks a vote of confidence, with the Head of Product & Research at Grayscale, Rayhaneh Sharif-Askary, being quoted saying:

“We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.”

This news is not just big for SUI and TAO, but for the crypto market as a whole. With the CEO of WisdomTree, Jonathan Steinberg, stating in an interview with CNBC last month that crypto will continue to hit the mainstream in the coming years, these new institutional investment products will capitalize on the growing and solidifying interest in crypto and blockchain technology.

Considering that an increase in trading volume is usually interpreted as a sign of both retail and institutional interest in crypto, SUI might have a strong second half of the year to look forward to.

Choppy Trading Days Ahead, But Not Enough To Stop SUI

Bulls of SUI are currently attempting to breach the $0.8357 resistance level to pivot it into a support floor. This move follows the token’s sudden surge on the back of the market rally.

As the end of the week approaches, traders and investors can expect some resistance at this price point, which may lead to some choppy trading days before a possible continuation rally in the long term. However, the market's high volatility could also aid the bears in the long run.

SUI's crypto price is currently in a historically bearish zone, with bulls struggling to make any headway, especially in light of the token's price decline between May and June. This situation poses a problem for investors and traders alike. However, if the market continues to rally in the long term, then more gains are on the horizon for SUI. But if the market continues to rally in the long term, then more gains are on the horizon for SUI.

The growing interest in crypto from both retail and institutional investors will contribute significantly to this. The launch of the SUI Trust by Grayscale will further pique investor interest and propel the token into the mainstream in the future.

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