Sui Price Dips Despite Cboe ETF Filing: Technical Analysis Eyes Key Support Levels
Sui (SUI), the native token of the Sui Network, has experienced a slight downturn in the past 24 hours, currently holding around $1.93, down
Live SUI/USD Chart
[[SUI/USD-graph]]
Sui (SUI), the native token of the Sui Network, has experienced a slight downturn in the past 24 hours, currently holding around $1.93, down by nearly 7%. This price action comes despite the positive news of Cboe BZX Exchange filing for SEC approval to list the Canary SUI ETF, which would be the first US ETF to track the performance of SUI.
While the ETF filing initially sparked a brief price surge, broader market sentiment and existing technical patterns appear to be exerting downward pressure on the token.
Sui ETF Filing Brings Temporary Relief to Sliding Price
Having seen an almost 7% drop over the past 24 hours, Sui (SUI) is displaying some rebound and trading between $1.93-$2.00. Following Cboe BZX Exchange’s April 8 filing with the Securities and Exchange Commission (SEC), seeking clearance to list Canary Capital’s SUI ETF, which would be the first U.S. exchange-traded fund holding the native token, the temporary price stability follows.
The registration marks a significant turning point in introducing SUI to controlled financial markets, therefore perhaps paving the path for more general institutional participation. SUI remained down more than 53% year-to- date from its early 2025 peak of roughly $2.84, underscoring the token’s extreme volatility notwithstanding the encouraging news.
Canary Capital’s Expanding Crypto ETF Portfolio
Nashville-based Originally submitting its SUI ETF registration statement to the SEC in March, Canary Capital’s most recent filing represents the next procedural step toward possible clearance. The suggested fund would monitor SUI’s performance and might have a staking element, therefore enabling the ETF to create extra income by staking awards.
Canary’s aggressive drive into crypto-based investment products includes the SUI ETF. Among the several other cryptocurrency ETFs the asset manager has registered for are funds targeted on Litecoin (LTC), XRP, Solana (SOL), Hedera (HBAR), Axelar (AXL), and Pengu (PENGU). Canary’s Litecoin ETF notably first showed up under the ticker LTCC on the Depository Trust and Clearing Corporation, implying it might be further along in the clearance process.
Sui Network: Innovation Amid Challenges
Originally founded by former Facebook programmers, Sui is a layer-1 blockchain meant to offer simplified user experiences on par with standard Web2 apps. Built on Rust’s Move programming language, Sui stresses quick transaction speeds and presently has roughly $1.1 billion in total value locked (TVL), DeFiLlama notes.
With various interesting applications, the network has become popular in the realm of decentralized finance (DeFi):
- DeepBook, which offers a central limit order book for DeFi, is scheduled to launch its DEEP token on October 14
- SatLayer, a Bitcoin restaking platform, integrated with Sui in December 2024, enabling Bitcoin to be used in DeFi applications on the Sui network
- The blockchain also receives support from popular crypto wallet Phantom, which supports Sui alongside Bitcoin and Solana
Sui has had some difficulties notwithstanding these advances. The team investigated insider trading charges in October 2024 following on-chain data showing a wallet connected to the Sui Foundation had gained noticeably from a notable increase in SUI’s price. Further casting doubt on the network’s stability, it suffered a two-hour technical bug-related outage in November.
SUI/USD Technical Analysis: SUI at Critical Support Levels
SUI’s price action has formed a concerning descending channel pattern, consistently establishing lower highs since the beginning of the year. Technical indicators, including Simple Moving Averages (SMA) and the Moving Average Convergence Divergence (MACD), signal continued bearish momentum.
Market analysts have identified several key support levels for SUI:
- The psychological $2.00 mark serves as immediate support
- Secondary support at $1.80 and $1.60
- Critical support at $1.30-$1.255
If SUI manages to maintain its position above $2.00, it could potentially target $2.20 in the short term, with further resistance at $2.50 and $2.80. However, failure to hold current levels could accelerate the downtrend toward the $1.30 range.
Institutional Crypto ETF Momentum
Following the successful debuts of Bitcoin and Ethereum ETFs last year, institutional interest in cryptocurrencies investment vehicles is rising and the SUI ETF registration fits this trend. Reflecting the financial industry’s growing hunger for controlled cryptocurrency exposure, the SEC is now evaluating many applications for altcoins ETFs.
Some analysts, meanwhile, are still dubious about the market for these niche products. Research director at Sygnum, Katalin Tischhauser observed: “There is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from.”
With a current market capitalization of approximately $6.2 billion, ranking it as the 17th, SUI represents a significant but relatively smaller segment of the crypto market compared to Bitcoin BTC/USD and Ethereum ETH/USD.
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