Despite a worldwide crypto market crash, the Sui price has gained the attention of the investing community with its impressive price action over the past few hours. Reportedly, this price surge was recorded following the filing of the 19-b form by Cboe for the spot SUI ETF in the U.S. with the Securities and Exchange Commission (SEC).
Following this news, the price of SUI token recorded a strong bullish reversal and is currently hovering around the $2 mark from its low of $1.93. Notably, the ETF filing news can act as a catalyst and help this altcoin recover its YTD losses of over 53%.
Potential SUI ETF By Cboe!
As per the latest reports, “Cboe BZX Exchange” has applied and is seeking approval for the ETF of the SUI token. Reportedly, this fund will be recognized as the “Canary SUI ETF” and will be available for trading on the “Cboe BZX Exchange.”
Adding to this, sponsors may stake or be staked of all or a portion of the Sui with the help of multiple staking providers. With this, the staking reward could be considered the income of the trust. Moreover, Canary Capital has also established a “Delaware trust” to back this fund for the longer-term vision.
SUI Price Prediction For This Week!
The Sui price has formed a descending channel pattern in the longer time frame despite the recent bullish sentiment. Since the year started, it has been constantly forming lower highs, suggesting a rising bearish sentiment. With a trading volume of $1.12 billion and a market cap of $6.44 billion, this altcoin project has secured the 16th position.
The technical indicators, SMA & MACD record a constant negative trend in the Sui price chart. Moreover, with the averages witnessing increasing bearish action in the daily time frame, the volatility for the price of Sui token is on a constant rise.
Maintaining the value above its $2 mark could set the stage for the Sui price to head toward its upper price target of $2.89 by the upcoming weekend. Conversely, a sustained bearish sentiment could pull the price of this altcoin toward its crucial low of $1.255 during the upcoming time.
Also Read: SUI Price Rebounds 22%—Bullish Momentum or Just a Bluff?
