SUI Price Recovers After Lion Group Plans $600 Million Crypto Treasury Purchase
Sui (SUI) is currently priced at $2.6481, down 2.03% in the last 24 hours after bouncing back from a support range of $2.58–$2.60. The price declined sharply from $2.70 to $2.58 but saw renewed interest due to institutional activity.
Lion Group Holding Ltd. (LGHL) announced plans to acquire SUI tokens as part of its $600 million crypto treasury strategy. Key points include:
- LGHL completed a $2 million purchase of HYPE tokens at an average price of $37.30.
- The firm aims to allocate at least 75% of net proceeds from its convertible debenture facility for token acquisitions, including SUI.
- Lion Group operates a multi-asset trading platform, emphasizing commitment to layer-1 blockchain ecosystems.
The SUI ecosystem experienced increased activity, with strong buying around the $2.60 level and a recovery aided by elevated volume. Analysts note potential resistance near $2.66, though short-term sentiment has improved.
Technical Analysis Highlights
- SUI's 24-hour trading range was $2.58 to $2.70, reflecting a 4.5% decline.
- A temporary bottom was established at $2.58 on June 26.
- Resistance was confirmed near $2.66 during June 27 morning sessions.
- A minor bullish reversal occurred, with a recovery from $2.61 to $2.63.
- A sequence of higher lows indicated a shift in momentum on June 27.
- Volume increased by 18% above the average during recovery starting at 08:00 UTC on June 27.