The Sui price has taken the crypto community by storm as this crypto project has experienced significant updates over the past few days. As per the latest report, this is the first ETF proposal of the Sui token, after major crypto assets like Bitcoin and Ethereum, which are the only cryptocurrencies having their spot ETFs in circulation in the market.
Notably, the proposal was submitted via Form 19b-4 by Nasdaq’s Senior Associate General Counsel Sun Kim. Adding to this, the filing confirms this is an initial request under Section 19(b)(2) of the Securities Exchange Act. reportedly, this is a key regulatory step toward potential approval by the U.S. Securities and Exchange Commission (SEC).
Will the approval of SUI ETF act as a catalyst in this altcoin hitting the $5 mark this altcoin season?
Sui Price Records A Strong Bullish Reversal!
With a jump of 5.16% in its trading volume to $12.21 billion, this altcoin has jumped over 5% in valuation during this period. Moreover, SUi’s recent allotment of $10 million toward enhanced security has created an optimistic environment for the altcoin in the crypto community. With this, its market cap has increased to $12.23 billion.
The Cross EMA 50-day acts as a major support to the Sui price chart in the daily time frame. On the other hand, the 200-day EMA shows a strong support around the $3 mark. This suggests a high possibility of a bullish reversal within a short period.
Adding to this, the Relative Strength Index (RSI) has successfully breached its neutral point and is headed toward its overbought range in the daily time frame. Moreover, with a high possibility of a bullish convergence, this altcoin may continue trading under a bullish momentum this week.
Will SUI Price Increase This Week?
Considering that the crypto market favors the bulls, in that case, the Sui coin price could retest its resistance of $3.8 soon. Furthermore, if the bullish sentiment intensifies, this could result in it heading toward its upper price target of $4.56 in the upcoming time.
Conversely, increased liquidation could pull the price of this altcoin toward its $3.5 mark. Moreover, a sustained bearish action may end up pulling this crypto token toward its important support zone of $3 during the coming days.
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