Asset manager Grayscale has provided a bullish outlook for the SUI price, which is currently witnessing a bull run of its own. The altcoin is already up over 50% this week, with analysts suggesting that this price rally could continue in the short term.
Grayscale Highlights Sui Network’s Use Cases Amid SUI Price Rally
In an X post, Grayscale stated that the Sui network is building an infrastructure to unify Web2 and Web3. The asset manager added that, from seamless asset control across chains to private on-chain AI data sharing, the network aims to simplify blockchain, payments, and real-world asset integration with user-friendly tools.
This statement comes just as the asset manager launched the Grayscale Sui Trust, which is now open to eligible accredited investors seeking exposure to the network’s native crypto. This move is significant as Grayscale will likely file to convert this fund to a spot ETF at some point, just like it has done with some of its other crypto funds.
The SUI price rallied over 70% this week, before a recent correction, partly thanks to this move from the asset manager. It is worth mentioning that Canary Capital has already filed to offer a Sui ETF, while other asset managers could also make a similar move soon.
The altcoin’s price has also surged this week thanks to its ecosystem’s expansion through the partnership with xPortal and xMone to introduce a virtual Mastercard. This move will boost SUI’s utility, as users pay for goods and services using the altcoin.
Meanwhile, the SUI price also boasts a bullish outlook thanks to the network’s total value locked (TVL) and DEX volume. The network’s TVL increased by 38% over the week while surging nearly 7% in a day to reach $1.641 billion.
Will The Rally Sustain?
In an X post, crypto analyst Crypto Patel suggested that the SUI price rally can be sustained. He remarked that the altcoin still has massive potential ahead for the long run. The analyst added that SUI could rally to between $10 and $20.
Crypto analyst Rose also stated that SUI has confirmed a breakout from the falling wedge, which has led to this explosive rally. The analyst added that the next targets on the radar are $4.796 and $6.116.
As CoinGape reported, crypto analyst Ledora also predicted that the altcoin could reach $10 in this market cycle. Analyst Michaël van de Poppe also expects this upward trend to continue as SUI targets new highs.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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