SUI, the native cryptocurrency of Layer 1 cryptocurrency of the Sui network, recorded a 5% gain during Monday’s trading session. The bullish momentum could be linked to reducing selling from the broader market, but mainly to the recent S-1 filling for spot SUI ETF by Canary Capital. The renewed momentum is gradually pushing the SUI price for a key breakout.
Key Highlights:
- Canary Capital filed an S-1 for a spot SUI ETF on March 17, after previously filing ETFs for DOGE, SOL, and XRP.
- Since mid-January, the falling wedge pattern has led to a steady downtrend in SUI price.
- A potential death crossover between the 50-and-200-day exponential moving average could cause current correction for an extended period.
Canary Capital Files for SUI ETF
On Friday, March 17th, Canary Capital filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an SUI ETF. The filing follows the firm’s prior registration of a trust entity in Delaware on March 7.
The hedge fund manager has been actively expanding its cryptocurrency-based financial offerings, with recent ETF filings for Dogecoin (DOGE), Solana (SOL), and XRP. Interestingly, the decision to file the SUI ETF comes just 10 days after Donald Trump’s World Liberty Financial (WLFI) announced that it would add Sui to its token reserves.
If approved, the spot SUI ETF would provide institutions and retail investors with a regulated exposure to SUI, potentially driving its demand pressure in the market.
SUI Price Eyes 38% Breakout Rally Amid Wedge Pattern Formation
Since last week, the crypto market witnessed a slight ease from its prevailing selling pressure, triggering a relief rally in most major altcoins. Thus, the SUI price bounced from the $1.96 low to the $2.3 currently trading value, reporting a recovery of 19.2%.
If the buying pressure persists, the buyers could challenge a downsloping resistance trendline and 20-day EMA slope, which acted as dynamic resistance since mid-January. A potential breakout will accelerate the buying momentum and surge the asset 38% up to hit wedge pattern resistance at $3.38.
However, the aforementioned rally will likely witness occasional pullbacks as the downsloping EMAs offer constant resistance to the recovery force. Thus, the SUI price would prolong its correction trend until the chart pattern is intact.
Also Read: Litecoin Surges Over 4% as Hashdex Proposes ETF Inclusion to SEC
