The price of Sui has created a sensation in the crypto community, as this crypto project has undergone significant changes in the last few days. According to the latest report, this is the first ETF token offering for Sui after major crypto assets such as Bitcoin and Ethereum, which are the only cryptocurrencies with their spot ETFs circulating in the market.
Notably, the application was submitted via form 19b-4 by Nasdaq's Senior Assistant General Counsel, San Kim. Furthermore, the application confirms that this is an initial request under Section 19(b)(2) of the Securities Exchange Act. Reportedly, this is a key regulatory step towards potential approval by the U.S. Securities and Exchange Commission (SEC).
Will the approval of the SUI ETF be a catalyst for this altcoin to reach the $5 mark this altcoin season?
With trading volume increasing by 5.16% to $12.21 billion, this altcoin surged over 5% in valuation during this period. Moreover, the recent allocation of $10 million to enhance security has created an optimistic environment for the altcoin in the crypto community. As a result, its market capitalization increased to $12.23 billion.
The 50-day crossover EMA serves as the primary support for Sui's price chart on the daily timeframe. On the other hand, the 200-day EMA shows strong support around the $3 mark. This suggests a high probability of a bullish reversal in the short term.
In addition to this, the Relative Strength Index (RSI) has successfully breached its neutral point and is moving towards its overbought range on the daily timeframe. Furthermore, with a high probability of bullish convergence, this altcoin may continue to trade within bullish momentum this week.
Considering that the cryptocurrency market favors bulls, in this case, the price of the Sui coin may soon retest its resistance at $3.8. Moreover, if bullish sentiment strengthens, this could lead it to head towards its upper target price of $4.56 in the near future.
Conversely, increased liquidation could pull the price of this altcoin down to the $3.5 mark. Moreover, sustained bearish action could ultimately pull this crypto token to its significant support zone at $3 in the coming days.
$SUI , $SOL , $AVAX
#Market Rebound , #Cryptomarketnews
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