Sui (SUI) may be on the verge of a significant price surge, potentially doubling in value, according to recent analysis by Cointelegraph. A key driver of this bullish momentum is Nasdaq's recent filing for a SUI exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), signaling growing institutional interest.
As of May 28, SUI has regained support above the "Gooner EMA" on its weekly chart—a technical indicator developed by trader NebraskanGooner that tracks the 11- and 22-period exponential moving averages (EMA). Historically, prices rising above this EMA range often precede sustained upward trends, while dips below typically lead to further losses. This recovery follows a temporary setback tied to a $200 million exploit on Cetus, a decentralized exchange built on the Sui blockchain.
NebraskanGooner noted that reclaiming this support has restored bullish sentiment, suggesting that SUI could retest and potentially surpass its all-time high (ATH) of $5.36—currently about 40% above its price level. Based on Fibonacci retracement and an ascending channel pattern, some analysts predict a new ATH target of $7.56, implying over 100% upside.
Adding to this optimism is the momentum from traditional finance. While Nasdaq awaits SEC approval for its ETF, Europe’s 21Shares already lists a SUI exchange-traded product (ETP) on Euronext Paris and Amsterdam. Since its launch in July 2024, SUI's price has surged more than 350%, contributing to a total asset under management (AUM) of $317.2 million in SUI-based products, according to CoinShares.
Between May 16 and May 24, SUI investment vehicles saw $2.9 million in inflows—ranking just behind Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP in net inflows. However, it's important to note that SEC approval for the Nasdaq ETF remains uncertain amid a still-evolving regulatory landscape.
This information is for educational purposes only and does not constitute financial advice. Investors should conduct their own due diligence before making investment decisions.
