SUI has been trading at $3, up about 4% in the last 24 hours. This follows the announcement of Lion Group Holding Ltd. (LGHL) and continues to announce that it intends to acquire SUI Tokens as part of its $600 million Crypto Crypto Treasury strategy.
The strategy was announced on June 26th, sparking a rally for token prices. This is currently up nearly 15% over the past seven days.
According to Coindesk Research’s technical analysis model, SUI has experienced a major bullish breakout over the past 24 hours period. The token established a strong support level at $2.87 early on Thursday, and then surged dramatically in mass.
SUI’s network has emerged as Solana’s main challenger in the Layer-1 blockchain space, with a notable 54% developer growth over two years, while most crypto ecosystems face significant developer exhaustion, according to a report from Power Capital.
Network tokens outperform the broader crypto market, measured by the Coindesk 20 index, which rose about 5% over the same period.
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