The crypto market took another hit this week as the U.S. Securities and Exchange Commission (SEC) delayed its decision on Canary Capitalโs proposed spot SUI ETF ๐ฌ. The postponement, now pushing the review date to July 24, 2025, has added fuel to the fire for investors already worried about Sui's declining price. ๐ฅ
๐ SUI Price Drops Further
The price of SUI fell by 2.7% in the last 24 hours, landing around $3.18, a far cry from its January all-time high of $5.35. Thatโs a 40% decline, showing clear signs that bearish pressure is dominating the charts. ๐๐
๐ Technical Indicators Point to More Pain
SUI is now trading below both the 10-day and 20-day exponential moving averages, acting as resistance zones instead of support. The token is also hugging the lower Bollinger Band, hinting at more volatility ahead. ๐จ
The $3.10 support level is now a critical zone for SUI. If it breaks, we could see the token slide towards $2.90 or even lower. Bulls will need to reclaim the $3.50โ$3.60 area to signal any hope of a reversal. ๐๐ง
โ๏ธ SECโs Conservative Stance Continues
This isnโt the first delay from the SEC. Other altcoin ETF applications โ including Solana (SOL), XRP, and Litecoin (LTC) โ are also stuck in regulatory limbo. The agency continues to express concerns around market manipulation and investor protection, slowing down crypto innovation in the U.S. ๐บ๐ธ๐ฐ๏ธ
๐ฎ Long-Term Outlook Still Positive?
Despite short-term sell-offs, some analysts remain optimistic about Suiโs long-term potential, pointing to its growing ecosystem and strong development team. But for now, the market sentiment is shaky, and traders are watching support levels closely. ๐๐
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TL;DR:
๐ SEC delays SUI ETF decision till July 24, 2025
๐ SUI price drops ~2.7%, now 40% below ATH
โ ๏ธ Bearish indicators suggest further downside
โณ Regulatory delays impact broader crypto sentiment
๐ญ Long-term bullish, short-term caution advised #SUI #CryptoNews #ETFFiling #SECUpdate #CryptoMarket $SUI
