$SUI

SUI price targets a return to $1 level after launch of Grayscale Sui Trust SUI price recovered strongly from $0.46 to $0.83 this week, recording an 80.5% rise. This sudden bullish shift can be attributed to the cryptocurrency market's mid-week rebound and Grayscale's launch of the new SUI Trust. Will this recovery continue? Grayscale launches Sui and Bittensor mutual funds

Grayscale Investment has announced the public launch of two new cryptocurrency investment funds: Grayscale Sui Trust and Grayscale Bittensor Trust. These funds form part of Grayscale's efforts to provide investors access to innovative tokens within the rapidly evolving cryptocurrency ecosystem.

“We are excited to add Bittensor and Sui to our product portfolio, and we believe Bittensor is the growth hub for decentralized AI, while Sui is redefining blockchain for smart contracts,” said Rayhana Sharif Askari, Head of Product and Research at Grayscale. Dedicated investment solely for the SUI token, to leverage the capabilities of a high-performance layer 1 smart contract platform,

SUI price gives decisive breakout from reversal pattern

SUI price has been in a steady downtrend over the past three months under the influence of a descending channel pattern. The chart setup, consisting of two sloping trend lines, provides the asset with dynamic resistance and support. On Thursday, SUI price decisively broke the upper border of the channel amid the recent market recovery. If this breakout continues, it will signal a change in market sentiment from selling on rallies to buying on dips

The sudden drop in the Average Directional Index (ADX) below 30% confirms the weakness of the prevailing downward momentum. Today, the SUI token is trading at $0.839 and shows a possible retest of the broken trend line with a 1.5% loss on the day.

The potential pullback will now receive additional support from the slope of the recently retraced 50-day Exponential Moving Average (EMA) at $0.8. With continued buying, the post-breakout rally could target $1.17 after a 40% rise, followed by $1.44