SUI Gains Momentum Following ETF Filing by Canary Capital
- Canary Capital moves forward with SUI ETF filing, submitting an S-1 form to the SEC to advance its plans.
- Following the ETF filing news, SUI surged 6%, reaching an intraday high of $2.38 before slightly retracing.
Canary Capital has officially submitted paperwork to the U.S. Securities and Exchange Commission (SEC) for a Sui (SUI) exchange-traded fund (ETF). This follows a series of crypto ETF applications from the firm, including ones for Dogecoin (DOGE), Solana (SOL), and XRP.
The hedge fund manager’s latest move comes after it registered a trust entity in Delaware on March 7, as seen on the state’s Division of Corporations website. With the initial S-1 filing now in place, Canary Capital is expected to submit a 19b-4 document next, solidifying its plans for a SUI-focused fund.
This development comes just days after Trump-affiliated decentralized finance (DeFi) platform World Liberty Financial (WLFI) announced it would include Sui assets in its token reserve and explore related product opportunities.
Following the ETF news, SUI saw a 6% price jump, climbing from $2.25 to an intraday high of $2.38 before slightly retreating. The token is currently trading at $2.32, with a market capitalization of $7.38 billion. Meanwhile, its daily trading volume surged by over 45%, reaching $782.88 million.
Despite a 349.06% gain over the one year low, the cryptocurrency has dropped about 31% in the last month, mirroring the broader crypto market downturn. Will SUI price climb over $3 again?
SUI Price Analysis: Key Levels and Market Signals
From a technical perspective, SUI is showing short-term bullish momentum, trading above its 9-day and 21-day exponential moving averages (EMAs)t. However, it remains below its 50-day and 100-day EMAs, suggesting resistance ahead at $2.42 and $2.47. A breakout above these levels could confirm further upside, while failure to do so might lead to downward pressure.
Zooming in, the RSI at 52.42 on the 4-hour SUI/USDT chart indicates neutral momentum, suggesting neither strong bullish nor bearish pressure. Analysts are also monitoring a potential bearish shift, as indicated by the SuperTrend turning red on the same time frame. Resistance zones often bring high volatility as buyers and sellers compete for control. If buyers lose momentum, the altcoin could face a pullback toward key support levels.
The first major support to watch is $1.5997, where buyers may try to stop further losses. If this level breaks, SUI could drop to $1.4222, a crucial support zone that has previously acted as a price floor.
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