SUI price has witnessed a significant upswing following Canary Capital’s ETF filing in Delaware, reigniting bullish sentiment. The altcoin has rebounded over 6.40%, currently hovering around $2.85, with increased investor interest and rising open interest. Could SUI be on the path to a new all-time high of $7.2? Let’s dive into the latest market trends, technical indicators, and expert predictions.
On March 7, Canary Capital submitted an official filing to establish a trust for an SUI-based exchange-traded fund (ETF). This move signals a potential spot ETF application soon, which could drive institutional demand and price appreciation. The announcement comes amid increasing crypto ETF applications, including Grayscale’s Hedera ETF and others for Solana, Litecoin, and XRP.
Though regulatory obstacles still exist in the ETF approval process, should it be successful, investor confidence in SUI may be much raised. As shown with Bitcoin and Ethereum ETFs, historically news relating to ETFs has caused significant price swings in the crypto market.
At the same time, SUI has teamed up with World Liberty Financial (WLFI), a DeFi project connected to the business network of former U.S. President Donald Trump. The goal of this partnership is to set up a strategic reserve that will bring SUI into WLFI's financial system.
Founding Sui contributor Evan Cheng pointed out that this cooperation supports their goal of financial empowerment of users. By including SUI into WLFI's Strategic Reserve, the token could have more upside potential and its usage cases could be expanded, hence improving acceptance.
SUI recently bounced back from a crucial support zone, reversing its downward trend and testing the $3 resistance level. Let’s analyze the key technical indicators:
Falling Wedge Breakout: A bullish falling wedge pattern is forming on the daily chart, indicating a potential breakout if SUI surpasses resistance levels.
200-Day Moving Average (MA): The token faces strong resistance near its 200-day MA. A decisive close above this level could trigger further rallies.
Relative Strength Index (RSI): Currently below the 50 neutral level, RSI suggests that momentum is still recovering. A rise above 50 would confirm bullish strength.
Open Interest Surge: Derivatives data from Coinglass shows a 15.28% increase in open interest, signaling growing trader confidence.
If SUI successfully breaches the $3.00 resistance and maintains its momentum, the next targets are:
$4.00 – Short-term breakout zone
$5.35 – January’s peak
$7.20 – Ultimate bullish target if institutional interest rises
Conversely, failure to break resistance could see SUI retesting lower support zones around $2.50 or below.
Will SUI Reach $7.2? Expert Outlook
Market analysts are positive about SUI's long-term prospects. The combination of an ETF filing, a high-profile DeFi alliance, and positive technical signals might spark a long-term surge. However, macroeconomic circumstances, legislative events, and Bitcoin's overall trend will all play important roles in determining SUI's trajectory.
The coin's value might skyrocket to $7.2 or more if institutional investors start buying in and SUI gets ETF clearance. Investors should be careful though, since crypto markets are quite erratic and open to outside influences.
SUI's price behavior indicates an important inflection moment. With the ETF story gaining traction and DeFi collaborations building its ecosystem, the coin may see a positive breakout. When deciding on risk management measures, investors should keep an eye on major resistance levels and macroeconomic trends.
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