Key Insights:
- The total monthly trading volume of SUI was $470 billion, with an average of $ 18.8 billion.
- Nasdaq filed 19b-4 with the SEC to list the 21Shares SUI ETF, starting formal review.
- Analysts suggest SUI price could rally to $10 if ETF approval aligns with the current trend.
Sui price is gaining momentum after Nasdaq filed a Form 19b-4 to list 21Shares’ SUI ETF. At the time of writing on May 27, the altcoin price had reached $3.64, and analysts believe it has the potential to reach $10. The filing is being made as SUI token trading volumes reached over $470 billion, signaling strong growth for the network.
ETF Filing Fuels SUI Crypto News Speculation
The recent development of SUI ETF has sparked renewed investor interest. Nasdaq has submitted Form 19b-4 with the SEC to list and trade the 21Shares SUI ETF. At this stage, the agency reviews the application, which might result in approval in the future months. The move comes after 21Shares submitted an S-1 form to the SEC earlier this month, which indicates it is preparing to provide institutional access to SUI.
Notably, the timing of this ETF’s progress is crucial. It happened soon after the network faced a serious security issue due to over $223 million being lost in an exploit on Cetus on the Sui blockchain. After the incident, the team has frozen $160 million in assets and created a $10 million security fund to stop future attacks. The investigation found that the problem was a bug in Cetus’ math library, not a base protocol issue.
Sui Volume Surpasses $470 Billion Milestone
The trading volume of SUI has reached $470 billion, averaging $18.8 billion per month, according to ToreroRomero. Recent data showed an increase in trading volumes, indicating a speeding up of activity in both centralized and decentralized platforms. When token flow increases, it usually shows the market is becoming deeper, something often seen with greater interest from institutions.
Moreover, the record-breaking milestone aligns with the ETF narrative. The ability to offer investors access to such a liquid market makes the SUI ETF more attractive. The fund, guided by 21Shares, could effectively open up the Sui ecosystem to traditional accounts.
SUI Price Technical Setup Showed Bullish Continuation
On the technical side, SUI price action suggested bullish continuation. Mags pointed out that the daily timeframe is displaying a bullish cup-and-handle chart pattern. Breaking above the handle region can lead to a measured move to $10 if the trend stays strong. Dips have been aggressively bought, reflecting bullish conviction.
The support range has been $3.20 to $3.40 for this whole week. A retracement came after the consolidation, helping RSI move down from being overbought. If bulls maintain the lead, a close above $3.75 this week could start a strong upward trend.
Analyst Mags emphasized that “SUI dips are for buying,” as the structure showed early signs of trend continuation. Since the price is above key moving averages, market sentiment getting better may trigger further short-term gains.
ETF Speculation and Volume Milestone
The rising number of tokens and institutional ETF demand are boosting the potential of Sui. The 19b-4 filing by Nasdaq makes SUI one of a handful of tokens awaiting an ETF, showing that the regulatory climate is changing. Traders are now watching for commentary from the SEC, which will be pivotal in shaping the asset’s medium-term outlook.
Even though there was a hack in Sui recently, the community seems to be feeling much better now. Investors are placing their trust in the strength of the network and the quality of the ETF from 21Shares. This makes the bullish argument stronger as the ETF draws close to gaining approval.
Interestingly, if token usage increases, technology is strong, and ETF investment continues, there could be a push to $10 in the upcoming cycle. Currently, SUI price is staying close to its previous range, yet rising and sustaining above $3.50 makes a breakout more likely.