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SUI Token Trades Flat Despite Signs of Strong ETF Momentum
The token traded roughly flat over the past 24 hours, even after Nasdaq submitted a 19b-4 document with the SEC on Tuesday, taking another step towards a spot SUI ETF in the U.S.
What to know:
- SUI gained about 2% over the past 24 hours before erasing gains later in the day as the broader crypto market was hit by macro-economic factors.
- The token has traded higher after Nasdaq submitted paperwork for 21Shares’ proposed spot SUI exchange-traded fund.
- It later dropped sharply in line with the broader crypto market.
In this article
SUI
, the native token of the Sui blockchain, rose slightly over the past 24 hours before falling sharply after macroeconomic factors hit global markets during U.S. afternoon hours..The token rose following news that Nasdaq filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI exchange-traded fund. This marks the second major step in the ETF approval process. The first, a draft S-1 registration statement, was filed by 21Shares in April.
STORY CONTINUES BELOW
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If approved, this would be the first spot SUI ETF listed in the United States, offering traditional investors regulated access to the native token of the Sui blockchain.
SUI appeared to respond to the development, showing strength overnight as it broke through a resistance level at $3.49 with support from significant trading volume, according to CoinDesk Research's technical analysis model. More than 13 million tokens changed hands during the breakout, which coincided with Nasdaq’s filing.
During U.S. afternoon hours, SUI dropped sharply and is down about 1% at press time. The CoinDesk 20, which tracks the broader crypto market, was up only slightly after taking a hit in the afternoon.
Technical analysis highlights
- SUI experienced a decisive breakout overnight above the $3.49 resistance level with volume exceeding 13 million, significantly above the 24-hour average of 8.7 million.
- Despite minor pullbacks, the token found consistent support around $3.45-$3.46.
- A High-volume surge reinforced bullish sentiment, suggesting potential continuation of upward momentum.
- The $3.50 level has been established as a potential key resistance zone following a temporary exhaustion of bullish momentum.
- Price action formed a potential base in the $3.48-$3.48 range with moderate volume supporting consolidation.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
CD Analytics
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy.
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