The price of #SUI🔥 ($SUI ) has garnered significant attention in the crypto community, driven by a series of impactful developments in recent days. Most notably, Nasdaq has submitted a Form 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) for the listing of the 21Shares SUI ETF—marking the first-ever ETF proposal for the Sui token. To date, only Bitcoin and Ethereum have spot ETFs approved for trading in the U.S. markets, underscoring the significance of this regulatory step for SUI.

The filing, submitted by Nasdaq’s Senior Associate General Counsel, Sun Kim, represents an initial request under Section 19(b)(2) of the Securities Exchange Act of 1934. This submission initiates the SEC's review process, which, if approved, could pave the way for a SUI ETF to be launched, further legitimizing the asset in the eyes of institutional investors.

SUI Price Action: Bullish Reversal Signals

Amid this positive momentum, the SUI token has shown strong price action, registering a 5% gain in valuation alongside a 5.16% increase in trading volume, reaching $12.21 billion. Additionally, SUI’s market capitalization has risen to $12.23 billion. The recent allocation of $10 million toward enhanced security measures has further bolstered market confidence, fostering an optimistic outlook for the altcoin.

Technical indicators also paint a promising picture:

The 50-day Exponential Moving Average (EMA) serves as a key support level, while the 200-day EMA holds strong near the $3 mark—both indicating a potential for bullish continuation.

The Relative Strength Index (RSI) has broken above its neutral threshold and is trending toward the overbought zone, signaling increased buying pressure and the potential for a sustained rally.

A bullish convergence pattern appears to be forming, suggesting that SUI may maintain its upward momentum in the near term.

Price Outlook: Can SUI Reach $5?

Given the prevailing bullish sentiment in the broader crypto market, SUI could soon retest its near-term resistance level at $3.80. Should buying pressure persist, the token may aim for its next price target of $4.56 in the coming sessions. If the 21Shares SUI ETF is approved, it could act as a major catalyst for the altcoin’s price, potentially propelling SUI toward the $5 mark in this altcoin season.

However, risks remain. If market sentiment shifts or profit-taking intensifies, SUI could face increased liquidation, potentially pulling the price back to the $3.50 support level. In a more bearish scenario, sustained selling pressure might drive SUI toward the critical $3 support zone.

Conclusion

With growing institutional interest and robust technical signals, SUI appears well-positioned for further gains. However, investors should closely monitor regulatory developments—particularly the SEC’s decision on the 21Shares SUI ETF—as this could significantly influence the token’s price trajectory in the coming weeks.

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