Grayscale Adds SUI to Its Crypto Products, Triggering a 27.87% Price Surge

The SUI bulls have been stoked by the news that Grayscale is adding SUI to its crypto products. Both elements demonstrated optimism.

Grayscale has announced the addition of two new crypto investment funds to its lineup, one for SUI (SUI) and another for Bittensor (TAO).

The news was shared by the official Grayscale's X account in a recent tweet. It stated that two new single-asset cryptocurrency investment trusts are being prepared for public launch.

This will include private placements, such as Grayscale SUI Trust (SUI) and Graysacle Bittensor Trust (TAO).

“With the introduction of Grayscale Sui Trust and Grayscale Bittensor Trust, we continue to strive to provide investors with access to emerging projects within the crypto ecosystem that are contributing to the next wave of innovation,” the announcement concluded.

According to Grayscale's Head of Product & Research, Rayhaneh Sharif-Askary, SUI is redefining the smart contract blockchain. It is a layer-1 high-performance system designed to support globally scalable decentralized applications.

CoinMarketCap data shows 2.596 billion SUI tokens in circulation, out of a total 10 billion. This brings the circulating supply to 25.96% of the total.

At the time of writing, the coin's fully diluted market cap was valued at $6.347 billion. Of the SUI Token unlocks, 21.87% were locked, excluding unlocked supply. Additionally, 52.17% of the supply was untracked.

The next unlock date is September 3, which will release 83.88 million coins, according to the report.

Over the course of a year in SUI, the graph shows massive adoption, CoinCarp platform reports.

Its holders quickly increased to 19.9 million holders from a low of 3.9 million holders in August.

The top ten holders accounted for 13.55% of the total supply, according to SUI holder statistics. More broadly, 15.84% of the floating supply was held by the top 100 addresses.

The SUI has moved out of the demand zone, where past events have shown a substantial rise from the level.

The RSI has recovered from oversold territory and is now showing signs on the screen, which correspond to the demand area. A rally or a parabolic advance could be sparked by a catalyst.

$2.1790 was the all-time high (ATH). From that point, it traded down by almost 70%. On the other hand, the price traded 70% higher at $0.3630 from the all-time low (ATL).

Consequently, the resistance would be at $0.93 and $1.43, respectively, if the price of the SUI surged.

The support that needs to be examined would be at $0.48 and $0.36, respectively, if the demand area breaks.

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