Key Insights
- SUI crypto saw a massive increase in new accounts over the past few days. It doubled the daily average to about 400K accounts.
- VanEck just listed a Sui ETN on Deutsche Börse Xetra (VESU), two days after Grayscale and Canary launched their SUI ETF products.
- If SUI crypto price reclaimed $0.96, it would be a good long; otherwise, it would be a short if it rejects.
Sui Network (SUI) continued to see disparity in price action, network activity, and fundamentals. The altcoin cemented its position in the top 30 cryptos by market cap, and at one time, it was in the top 15. But its price action continues to struggle around resistance levels.
With the altcoin still undervalued, the recent institutional involvement by three entities in one week pointed out SUI could be bottoming out. What was the detail behind this potential price bottom?
SUI Crypto Sees Massive Growth in Users
Gauging the number of new accounts being created on the network was a perfect metric to assess usage. According to data from Torero Romero on X, SUI crypto has shown consistent growth in user base.
In fact, these new accounts were almost 400K on February 20th. However, it was still below the peak value for February 10th, when over 400K accounts were created on the blockchain.
The aforementioned growth came after a week of registering on average 200K accounts per day. So cumulatively, more than a million accounts joined this week.
The transaction speed (TPS) was proof that SUI did not lag even with the declining market. It maintained an average of 400 TPS. However, its stablecoin volume was declining, reflecting the broader market, which saw its sharpest contraction of USDT stablecoin.
In general, the network activity was mixed in sentiment though the positives were more than the negatives.
SUI’s Institutional Adoption Intensifies in the U.S. and Europe
On the institutional side, SUI crypto got massive backing from three global entities this week alone. As per a post on Sui’s official X page, VanEck just launched a regulated Sui ETN on Deutsche Börse Xetra with the ticker VESU. VanEck aimed to include the European market, a significant player in the crypto space.
VanEck succeeded in expanding SUI into traditional markets through a fully collateralized exchange-traded product. This meant greater reach, on top of the U.S. market, which saw two SUI ETFs debut just two days ago.
That is, Canary’s spot SUI ETF (SUIS) was being traded on Nasdaq while Grayscale’s GSUI was on NYSE Arca. GSUI traded at $13.95, up 5%, while SUIS was worth $25, also up 5%. These developments not only put SUI on the spotlight in the U.S. but across the globe.
SUI Crypto Price Prediction: Do the Signals Point to the Bottom?
While institutional activity and network activity pointed to a potential bottom, price structure was not all compliant. SUI crypto price was trading around $0.9394, having bounced back from a recent low at the $0.90–$0.91 zone.
Price had previously tried to stay above $0.96, but several candles stopped around that level and then crashed below it. This made it clear that there was strong resistance.
Earlier in the structure, highs around $1.04 were followed by steady drops below $0.90. This showed that sellers were still active on rallies. It made it difficult to reverse at the moment.
The recent rise from about $0.90 to $0.94 suggests short-term momentum is improving. But $0.96 was still critical. If a 4-hour candle price closes above $0.96, SUI could go up to $1 or higher.
On the other hand, if it rejected $0.96, it could go down again, with $0.92 and $0.90 acting as nearby support levels. Fundamentals and activity were up, but price action was still bearish.
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