In the latest news, SUI prices jumped by more than 10% in the last 24 hours, fueld by growing investor interest as a reaction to surging fundamentals and institutional investor interest.
Among the top factors that helped fuel the SUI rally in the last quarter of 2024 and eventual ATH of $5.35 in Jan 2025 was the launch of the Grayscale SUI Trust in August last year.
Now that the hedge fund is moving forward with the plan to convert much of its trusts to ETFs, investors are confident Grayscale may be filing for SUI ETF next.
This optimism gained serious traction in the last 24 hours after reports emerged that Grayscale had engaged the services of NYSE Arca to file for a Cardano ETF.
In reaction to the news, SUI token prices rallied by more than 10% to break above the key resistance level of $3.29 to hit an intraday high of $3.57. Its trading volume also rose by close to 10% to reach $1.33 Billion.
Other Fundamental News Driving SUI’s Recent Rally
In addition to the growing institutional investor interest in the Grayscale SUI Trust, two other fundamental factors have helped SUI keep bears at bay.
First is the rising interest in the coin from retail investors. This is evidenced by user demand that helped it integrate with the Phantom wallet – which already has 15 million users.
This integration may have helped the number of active SUI wallets cross the coveted 10 million mark.
Secondly, SUI extended its footprint in the fast-growing GameFi industry when it partnered with Superverse, one of the largest Web3 Gaming communities.
The partnership not only proves SUI’s readiness to partner with more brands in the gaming ecosystem but also butters up its appeal in the eyes of investors.
SUI Price Forecast
Over the long run, most SUI forecasts are bullish, and some expect it to set a new ATH above $8.80 before year-end.
In the shorter term, however, technical analysis indicates that it will mostly remain range-bound between $2.85 and $4.00 – thanks to the FUD that has gripped the markets today.
From a technical analyst’s perspective, the altcoin has an RSI 44 on the SUI/USDT one-day chart.
This points to a weak but rising bullish momentum that must pierce above 50 to confirm a bullish shift.
The MACD also shows that SUI has been stuck in a bearish trap for a while given that the MACD line is below the signal line and both are in the negative territory.
But the histogram bars are getting lighter, suggesting a momentum shift and a potential bullish crossover.
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