Over the past seven days, Sui (SUI) has emerged as the standout performer in the crypto market, recording a massive 78% increase in its price. This surge positions SUI as the leader among the top 100 cryptocurrencies by market cap, significantly overcoming its peers, Helium (HNT) up 60% and Bittensor (TAO) up 50%.
Why did SUI increase last week?
Andrew Kang, the founder of Mechanism Capital, provided insights into SUI’s recent success in a series of posts on X. Kang suggested that the bullish trend could be attributed to several factors, including a notable endorsement from influential figures, substantial over-the-counter (OTC) markets, robust ownership even after significant token unlocks, and a recent technical upgrade that could pave the way for innovative applications on the SUI platform.
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“I’m not aware of anything that’s actually happening, but the combination of what’s below leads me to bet that there are some interesting developments for SUI,” Kang posted. He listed several indicators that support his bullish outlook: “1. Raoul Pal discusses while on the advisory board 2. Large OTC offerings 3. Relatively strong ownership through large unlocks 4. Aggressive price action with no pullback 5. Large recent performance upgrade with Mysiceti potentially enabling interesting new applications.
These points collectively suggest a buoyant market sentiment and substantial support from influential market players. In a subsequent post, Kang addressed the promotional strategies surrounding SUI, noting: “A lot of people are commenting that they are giving subsidies to people to cheat. If true, that is bullish.”
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The aforementioned Raoul Pal, founder/CEO of Global Macro Investor and RealVision and a member of the advisory board of the Sui Foundation, recently praise SUI as a “full-stack, ultra-fast, super-efficient L1 blockchain ecosystem” developed from the remains of Meta’s Diem project, aiming to scale to accommodate billions of users transitioning from Web2 to Web3 technologies.
From a technical perspective, he added: “SUI is starting to look very interesting from a price perspective, although it is still early and unconfirmed, it is showing signs of breaking out against most tokens,” Pal noted. This includes comparisons to Apts (another MOVE language L1 project), Avalanche (AVAX), Tia (TIA), Near Protocol (NEAR), Bitcoin (BTC) and Solana (SOL).
The week also saw institutional support further strengthen SUI’s market position. Shades of grayGrayscale, Inc., a leading digital currency asset manager, has announced the launch of the Grayscale SUI Trust. This new fund is exclusively dedicated to SUI, providing accredited individual and institutional investors with a structured vehicle to invest in this rising cryptocurrency.
“We are excited to add Bittensor and Sui to our product suite and believe that Sui is redefining smart contract blockchain,” stated Rayhaneh Sharif-Askary, Head of Product and Research at Grayscale.
At the time of writing, SUI was trading at $0.9149.
Featured image from Chainwire, chart from TradingView.com