SUI ETF Application Advances: Analyst Predicts August ATH
SUI ETF Application Moves Forward
The SUI ETF is gaining momentum as the SEC advances Canary Capital's spot SUI ETF application into the "institution of proceedings" phase. This development has traders keenly observing potential price impacts.
SEC Review of Canary's SUI ETF
Canary Funds' application for a SUI Spot ETF has officially entered the SEC's approval process. This formal review marks a significant milestone for SUI, potentially leading to its first spot ETF.
Canary Capital initially filed for the SUI ETF in March, shortly after registering the fund in Delaware. Despite an initial postponement by the SEC, the application is now formally under review.
Asset manager 21Shares has also filed a proposal for a SUI ETF, aiming to expand exchange-traded access to the Sui blockchain. This move includes a partnership with the Sui Network, highlighting growing institutional interest in the Layer-1 protocol.
While SEC approval remains uncertain, these filings have boosted expectations. SUI may be gearing up for a rally, driven by increasing institutional attention and open interest.
Additionally, the SEC recently approved the Bitwise Crypto Index ETF, which includes SUI alongside Bitcoin, Ethereum, and XRP, further bolstering its bullish outlook.
Bullish Technical Indicators for SUI
Market data reflects rising confidence in the potential approval of a SUI ETF. According to Glassnode, SUI’s open interest in futures markets has hit a record $1.2 billion, ranking it sixth among cryptocurrencies in futures OI, behind Bitcoin, Ethereum, Solana, XRP, and DOGE.
Adding to the bullish sentiment, crypto expert Scient noted that SUI is forming a new base, suggesting a brief consolidation before targeting new all-time highs in August.
Currently trading around $3.95, SUI remains above its 200-day moving average of $2.73. The Relative Strength Index (RSI) is near 66, indicating room for gains before becoming overbought.
If SUI breaks the $4.00 resistance, traders anticipate targets around $4.20–$5. With SUI ETF approval and continued bullish sentiment, projections of $5.5 to $6 are plausible.
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