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.
