The Sui price has risen by 44.2% this week, marking the best performance in the crypto market during this period.
According to CoinGecko, Sui has been on an upward trend for the past 7 days, with Helium (HNT) following in second place with a 36.2% increase. Bittensor (TAO) comes in third with a 25.1% rise, despite a significant price drop earlier in the month.
Ranking coins by growth over the week. Source: CoinGecko
Why Did Sui Price Grow?
The primary catalyst for Sui’s growth was Grayscale Investments’ announcement on Aug. 7 about the launch of the Sui Trust. This news also boosted Bittensor as Grayscale announced a similar trust for it, contributing to TAO’s price rise as mentioned earlier.
Grayscale, being a significant institutional player, drew considerable attention to Sui, which in turn attracted other investors.
It’s also worth noting the divergence in performance between Bitcoin (BTC) and altcoins. According to Dune data, Sui has shown the strongest growth among Layer 1 (L1) coins against BTC over the past month, with a 34% difference.
Meanwhile, Solana (SOL) has underperformed against Bitcoin, showing a 4% decline over 30 days.
Ranking of coins by performance against Bitcoin. Source: Dune
What’s Next for the Sui Price?
Whether SUI will continue its upward trajectory or if this rise is just a short-term reaction to the news remains uncertain.
A trader known as ZeO notes that Sui’s 78.81% correction is nearly complete. According to ZeO, Sui could be one of the few coins to reach a new all-time high being a non-meme coin.
$SUI – Looks beautiful
~80% correction done
– Bullish Divergence on Weekly
– Strong engulfing on the WeeklyI think this will be one of the first ‘non memecoin’ to make a new ATH once things get going. pic.twitter.com/MwVpmSIh8r
— Zer0
(@degengambleh) August 10, 2024
Crypto Tony believes that Sui’s chart looks promising, emphasizing that the price should not deviate from the resistance level, which is around $0.9.
$SUI / $USD – Update
Must say this is looking good if we can burst through that resistance level here today pic.twitter.com/mQ2ipvGFuG
— Crypto Tony (@CryptoTony__) August 10, 2024
Another investor, Mister Crypto, highlights SUI’s correction level and sees potential for a quick recovery.
I would not be surprised to see $SUI quickly recovering this 70% correction.
This coin has retraced all the way back to bear market levels.
I’m accumulating. https://t.co/EfVZOj4gud pic.twitter.com/ANQKcDtRkG
— Mister Crypto (@misterrcrypto) August 11, 2024
However, some remain skeptical about Sui’s future. Despite being backed by a strong team, many of whom previously worked at Meta (formerly Facebook), Sui’s price has experienced a significant decline over the past 3 months.
I really don’t understand why they say this is a good coin
Research carefully before buying it, don’t listen to what anyone says$SUI pic.twitter.com/p7nmqZMRDt
— Crypto Oleg (@Crypto_Oleg16) August 11, 2024
According to CoinGecko, Sui’s price peaked at $1.16 on Jun. 7, the highest point in the past 3 months. However, the price subsequently dropped and has struggled to regain the $1 level.
