SUI Token Surges Then Falls Amid Nasdaq ETF Filing News
SUI, the native token of the Sui blockchain, saw a brief increase before a sharp decline due to macroeconomic pressures in global markets.
The rise followed Nasdaq's filing of a 19b-4 form with the SEC to list the 21Shares SUI exchange-traded fund (ETF), a key step toward possible approval. This ETF would be the first spot SUI ETF in the U.S., allowing traditional investors regulated access to SUI.
SUI showed strength overnight, breaking through a resistance level at $3.49 with over 13 million tokens traded, significantly above the average. However, it has since dropped about 1% as of the latest update, while the broader crypto market remains slightly up following an afternoon decline.
Technical analysis highlights
- SUI broke above the $3.49 resistance level with volume exceeding 13 million.
- Support found around $3.45-$3.46 despite minor pullbacks.
- High-volume surge indicates potential continuation of upward momentum.
- $3.50 identified as a key resistance zone after bullish exhaustion.
- Price action suggests a base forming in the $3.48-$3.48 range with moderate volume supporting consolidation.