SUI stock is recovering from a consolidation state, as developments related to ETFs have fueled new momentum.
At the time of publication, SUI stock is trading at $3.46, up 2.1% over the past 24 hours, recovering from its weekly low of $2.92 on June 6. The decline was driven by market fallout from the CETUS breach and broader macroeconomic pressures. However, new institutional momentum may support SUI's recovery.
With a 24-hour trading volume of $1.01 billion, up 300% from the previous day, SUI stock has seen a significant increase in market activity. According to CoinGlass data, the trading volume of SUI derivatives rose by 6.44% to $5.16 billion, while open interest increased by 3.53% to $1.52 billion, indicating that more traders are taking leveraged positions and expecting volatility or movements in the near term.
This rise coincides with a significant development. According to an announcement from the Sui Foundation on June 10, Nasdaq submitted a 19b-4 form to the Securities and Exchange Commission for the listing of the 21Shares SUI ETF, officially starting the regulatory review process for the U.S. ETF based on the SUI token.
This filing follows 21Shares' registration of the S-1 form in April and is based on the listings of SUI products traded on the Euronext Paris and Amsterdam exchanges.
Kevin Bohn, President of Mysten Labs, stated: "Submitting an application to the Nasdaq is a pivotal moment. We are proud to assist 21Shares in building a world that allows every investor access to SUI."
Over $300 million has been invested in SUI-based ETFs globally. Institutional firms like Franklin Templeton, VanEck, and Grayscale have launched products on SUI since late 2024, reflecting its appeal as a high-performing first-tier blockchain.
Considering the technical picture, it seems that SUI is looking to exit the consolidation phase. The Bollinger Bands have started to narrow, and the stock price is hovering near the middle range at $3.38. At 52.5, the Relative Strength Index confirms a neutral bias but still has room to rise before reaching the overbought area.
The MACD index entering the positive territory could be an early potential indicator of bullish momentum. Although it remains negative, the Awesome Oscillator is flattening, indicating a possible change in momentum. Estimated moving averages from 10 to 200 days indicate buy signals, but the simple moving averages for 30 and 50 days show slight bearish lag.
If the price can close above $3.50 with confirmation through increased trading volume, SUI stock may test the previous local high near $3.80, and potentially rise towards $4.20 if the optimism around ETFs continues. However, failure to break through the resistance level could lead SUI stock to retreat to the support level between $3.20 and $3.00, especially if risk appetite weakens overall.$BTC
