Sui (SUI) is trading at $3, up about 4% in the past 24 hours, as the token continues to rally following an announcement by Lion Group Holding Ltd. (LGHL) that it intends to acquire SUI tokens as part of a broader $600 million crypto treasury strategy.
The strategy was announced on June 26, triggering a rally in the price of the token, which is currently up nearly 15% over the past 7 days.
SUI experienced a significant bullish breakout over the past 24 hour period, according to CoinDesk Research’s technical analysis model. The token established a strong support level at $2.87 during early hours on Thursday, before surging dramatically with high volume.
Sui’s network has emerged as Solana’s (SOL) primary challenger in the Layer-1 blockchain space, recording remarkable 54% developer growth over two years while most crypto ecosystems face significant developer attrition, according to a report from Electric Capital.
The network’s token is outperforming the broader crypto market as measured by the CoinDesk 20 Index, which rose about 5% over the same period.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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