Sui Token Shows Signs of Recovery Amid ETF Developments
Sui (SUI) is on the rise, trading at $3.46, up 2.1% in the past 24 hours. This rebound comes after a weekly low of $2.92 on June 6. The dip was due too the Cetus hack and broader economic pressures. However, fresh institutional interest is helping SUI recover.
Wiht a 24-hour trading volume of $1.01 billion, up 300% from the previous day, SUI’s market activity has surged. coinglass data shows SUI’s derivatives volume rose 6.44% to $5.16 billion, and open interest climbed 3.53% to $1.52 billion.This indicates more traders are taking leveraged positions, expecting near-term volatility.
A major development is fueling this momentum. The Sui Foundation announced on June 10 that Nasdaq filed a 19b-4 with the SEC to list the 21Shares SUI ETF. This filing starts the regulatory review for a U.S. spot ETF based on the SUI token. This follows 21Shares’ April S-1 registration and builds on its ETP listings on Euronext Paris and Amsterdam. Kevin Boon, President of Mysten Labs, said, “the Nasdaq filing is a significant milestone. We’re excited to help 21Shares make SUI accessible to more investors.”
Over $300 million is already invested in SUI-based ETPs globally. Franklin Templeton, VanEck, and Grayscale have launched Sui products as late 2024.
Technically, SUI is showing signs of a breakout. Bollinger Bands are tightening, and the price is near the middle band at $3.38. The relative strength index is neutral but has room to rise. The MACD entering positive territory could signal bullish momentum.
If SUI closes above $3.50 with rising volume, it could reach $3.80 or even $4.20. If it fails to break resistance, it may fall back to $3.20–$3.00 support.
