Nasdaq-Listed Firm to Buy SUI, SOL, and HYPE
The cryptocurrency market saw a surge of interest in SUI after Nasdaq-listed Lion Group Holding Ltd. (LGHL) announced its intention to acquire SUI tokens as part of a broader $600 million cryptocurrency treasury strategy.
Lion Group's Crypto Investment
On June 26th, LGHL announced a significant investment in the crypto market, revealing plans to purchase SUI, SOL, and HYPE tokens. This move follows the firm's initial $2 million acquisition of HYPE tokens at an average price of $37.30, marking the first step in its ambitious treasury strategy.
LGHL plans to allocate at least 75% of the net proceeds from its convertible facility to acquire these tokens, with the remaining funds dedicated to general crypto operations and working capital. The company's CEO, Wilson Wang, highlighted HYPE as a "foundational execution-first asset," underscoring its strategic importance in LGHL's vision for future capital markets.
SUI Price Recovers
SUI's price, currently trading at $2.6481 (down 2.03% in the last 24 hours), saw a rebound from the $2.58–$2.60 support range between June 26th and 27th. This recovery was fueled by increased trading volume and improved market sentiment, largely attributed to the institutional interest sparked by Lion Group's announcement.
Technical Analysis Highlights:
- 24-hour trading range: $2.58 to $2.70, a 4.5% decline from peak to trough.
- Temporary bottom: Formed at $2.58 on June 26th, followed by accumulation signs.
- Resistance: Confirmed around $2.66 on June 27th.
- Bullish reversal: A minor pattern appeared on June 27th, with a 0.9% recovery.
- Higher lows: A sequence developed between 01:00 and 08:00 UTC on June 27th, suggesting a shift in momentum.
- Volume spike: An 18% increase above the 24-hour average during the recovery phase on June 27th.
Lion Group's Business
Lion Group operates a multi-asset trading platform providing services such as total return swaps (TRS), contracts-for-difference (CFDs), OTC stock options, and brokerage for securities and futures. Their investment in SUI, SOL, and HYPE reflects their growing commitment to layer-1 blockchain ecosystems.
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Disclaimer: This article contains information obtained from publicly available sources and is for informational purposes only. It is not financial advice.