The race to launch the SUI ETF just took a significant step forward, as the SEC officially moved Canary Capital’s spot SUI ETF application into its “institution of proceedings” phase. Traders are now eyeing what this could mean for SUI’s price momentum.
Canary’s SUI ETF Moves Forward With SEC Review
The SUI Spot ETF has officially entered the approval process as the U.S. Securities and Exchange Commission (SEC) initiates proceedings on the application filed by Canary Funds. The start of a formal review that may ultimately result in the asset’s first-spot ETF makes this development a significant turning point for SUI.
Capital had initially filed for its SUI ETF back in March, submitting an S-1 form shortly after registering the fund in the state of Delaware. Though the SEC initially postponed its decision, the new move marks the application’s formal entry into the approval process.
Canary’s isn’t the only SUI ETF in play. Asset manager 21Shares also filed its proposal, describing the move as part of a strategy to broaden exchange-traded access to the Sui blockchain. The company announced a partnership with the Sui Network simultaneously, underscoring the growing institutional interest in the Layer-1 protocol.
It’s unclear if the SEC will approve either SUI ETF in the end, but the filings seem to have raised expectations. SUI may be preparing for a significant rally in the upcoming months, as institutional attention is concentrated and open interest is increasing.
Additionally, the SEC approved the Bitwise Crypto Index ETF, although it remains subject to an operational hold. That fund includes SUI alongside giants like Bitcoin, Ethereum, and XRP, adding to its bullish narrative.
Technical Indicators Turn Bullish for SUI
Market data indicate growing confidence in the potential approval of the SUI ETF. According to Glassnode, SUI’s open interest in futures markets has soared to a record $1.2 billion, making it the sixth largest crypto by futures OI, trailing only Bitcoin, Ethereum, Solana, XRP, and DOGE.
Adding to its bullish momentum. Crypto expert Scient noted that SUI is forming a new base, hinting that it might consolidate briefly before aiming for fresh all-time highs in August.
Currently trading around $3.95, SUI price remains well above its 200-day moving average of $2.73. The relative strength index (RSI) stands near 66, suggesting there’s still room for further gains before becoming technically overbought.
If SUI can decisively break the key $4.00 resistance zone, traders see the following targets around $4.20–$5. Should the SUI ETF secure approval and market sentiment remain bullish, projections of $5.5 to $6 aren’t off the table.
Michael Adeleke
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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