Sui (SUI) has emerged as one of the top performers in the cryptocurrency market, posting a 27% increase in just one week. On Sept. 12, the SUI price surged 13% in a single day, reaching $1.02, part of a broader rebound that began on Sept. 3. This rally has set SUI apart, outperforming the overall crypto market, which only saw a 1.15% rise in total market capitalization to $2.02 trillion.

Grayscale SUI Trust Launch Spurs Demand

One of the key factors behind SUI’s strong price momentum is the launch of the Grayscale SUI Trust. Announced on Sept. 12, this investment vehicle provides accredited investors with exposure to the SUI token. The Grayscale SUI Trust follows a similar structure to other Grayscale single-asset investment trusts, allowing investors to track SUI’s market price, minus fees and expenses. The launch has generated significant interest and contributed to increased demand for the token.

SUI/USD daily chart. Source: TradingView

Sui Network Sees TVL Growth

Sui’s rising Total Value Locked (TVL) on the network has also boosted investor confidence. Data from DefiLlama shows that SUI’s TVL has more than doubled in the past month, growing by 107.5% from Aug. 5 to Sept. 12. Leading protocols such as Cetus, Navi Protocol, and Scallop Lend have played a major role in this increase, further driving demand for SUI tokens.

Analysts Set Ambitious Price Targets

Crypto analysts are optimistic about SUI’s future price performance. Pseudonymous analyst Cryptorphic highlighted the $1.025 resistance level as a key threshold for potential upside. A breakout could see SUI reaching $2.58. Another analyst, Bmoon, has set a more ambitious target of $3.60 for Q4 2024, citing the strength of Sui’s DeFi ecosystem.

Top gainers Sept. 12. Source: CoinMarketCap

With the combination of a strong network TVL, the Grayscale Trust launch, and bullish sentiment from traders, SUI appears well-positioned for further growth. However, only time will tell if the rally is sustainable.