In the latest news, the filing of the first-ever SUI Spot ETF with the SEC has sparked an 8% price jump for the altcoin.
Will the ETF hype be enough to push it above $5?
SUI is one of the best-performing altcoins of the day after its price jumped by 8% over the last 24 hours.
In a quick reaction to several positive news affecting the top altcoin, SUI rose from an intraday low of $2.30 to a high of $2.50 for the first time in over a week.
Trader activity also surged on the news, with the SUI daily trade volumes rising by more than 45%, reaching $842 million.
Canary Capital Files First Ever SUI Spot ETF with the SEC
SUI’s price jump was primarily driven by the news that Canary Capital had filed an S-1 registration application with the SEC for a spot ETF for the altcoin.
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The registration statement, alongside the registration for a statutory trust for the ETF in Delaware, often precedes the filing of the 19-4B document.
This, then, marks the beginning of the regulatory approval process.
Recently, Trump-affiliated World Liberty Financial (WLF) announced a partnership with Sui.
According to the deal, the organization would add SUI to its Macro Strategy Fund and continue exploring other product development opportunities on the Sui blockchain.
Such a move goes a long way in enhancing SUI’s credibility among top investors. It also plays a vital role in increasing the chances of a SECD approving a SUI ETF.
Other Factors Driving SUI Prices Up
In addition to the WLF partnership, Sui has entered into multiple collaborations with strategic brands.
These include Libre Capital, Ant Digital Technologies, VanEck, Grayscale, and Franklin Templeton.
The wall street interest in the altcoin has helped it improve its appeal among both retail and institutional investors.
Will SUI Reach $5?
Our analysis of SUI remains bullish, but we are confident that it will eventually rebound.
By the end of the year, for example, we expect it to have recaptured the current all-time high of $5.35 set in January before peaking around $8.81.
In the shorter term, however, SUI will continue trading sideways with a strong support of around $2 and a key resistance level of $3.60.
However, even that signals opportunity for those interested in trading Sui in the near term.
The price of the digital asset currently sits at about $2.40. The next key resistance at $3.60, therefore, suggests potential upside of about 50% from here.
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