Sui Gains Momentum Thanks to ETF Developments
Sui (SUI) is showing signs of recovery, jumping 2.1% in the past 24 hours. It’s trading at $3.46, up from a weekly low of $2.92. The recent dip was due to market issues like the Cetus (CETUS) hack and economic pressures.
SUI’s 24-hour trading volume hit $1.01 billion, a 300% increase. Derivatives volume rose by 6.44% to $5.16 billion, with open interest up 3.53% to $1.52 billion. This suggests traders expect more price movement.
A key factor behind SUI’s momentum is the ETF advancement. Nasdaq filed a 19b-4 with the SEC to list the 21Shares SUI ETF. This is part of 21Shares’ push for a U.S. spot ETF based on SUI,following their April S-1 registration and ETP listings in Europe.
“This filing is a significant milestone,” said Kevin Boon of Mysten Labs. “We’re excited to support 21Shares in making SUI accessible to more investors.”
Global investment in SUI-based ETPs exceeds $300 million. Major firms like Franklin Templeton and VanEck have also joined, showing Sui’s appeal as a high-performance blockchain.
Technically, SUI seems poised for a breakout. If it closes above $3.50 with rising volume, it could reach $3.80 and possibly $4.20. If not, it might fall back to $3.20-$3.00 support.
