SUI Struggles to Hold Gains Despite ETF Milestone as Macros Weigh
The SUI token showed signs of strength early Tuesday following a significant regulatory development, but broader market turbulence ultimately capped gains.
Nasdaq’s filing of a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) — a key step toward listing the 21Shares SUI ETF — initially buoyed sentiment. The move follows 21Shares’ April S-1 filing, signaling growing momentum toward a potential spot SUI ETF approval in the United States.
SUI responded quickly, briefly breaking through the $3.49 resistance level with robust volume exceeding 13 million tokens, well above its daily average. The token’s upward momentum suggested traders were anticipating greater institutional exposure and inflows if the ETF were approved.
However, by U.S. afternoon hours, broader macroeconomic concerns triggered risk-off sentiment across global markets. As equities pulled back, SUI reversed course, giving up earlier gains and ending the session down nearly 1%, despite outperforming much of the market earlier in the day.
Technical Summary:
- Initial surge saw SUI cross above $3.49 with volume 50% above the 24-hour average.
- Support formed in the $3.45–$3.46 zone before afternoon sell pressure emerged.
- Resistance now seen at $3.50, as bulls failed to maintain breakout momentum.
- Short-term consolidation forming near $3.48, indicating indecision amid ETF optimism and external headwinds.
