SUI price recovers from 5-month low as Cboe BZX Exchange files to list SUI ETF
- SUI price rebounds from five-month low.
- Cboe BZX files for first SUI ETF.
- SUI price has formed a triple tap pattern, signaling a possible breakout.
SUI, the native token of the Sui Network, has experienced a notable price recovery after hitting a five-month low of $1.7411 on April 7, 2025.
Notably, this rebound coincides with an ETF filing by Cboe BZX Exchange with the US Securities and Exchange Commission (SEC).
Cboe BZX Exchange seeks approval for pioneering SUI ETF
On April 8, 2025, the Cboe BZX Exchange submitted a proposal to the SEC to list and trade shares of the Canary SUI ETF.
The SUI ETF, if approved, would mark the first ETF in the United States to offer direct exposure to SUI, the native token powering the Sui Network.
The ETF aims to hold spot SUI and may even stake a portion of its holdings to generate rewards, blending traditional price appreciation with the potential for staking income to attract a diverse range of investors.
The ETFs net asset value would closely follow the CoinDesk SUI USD index, updated daily at 4:00 p.m. ET, providing a reliable benchmark for its performance.
In addition, all SUI tokens held by the trust would be secured in segregated cold wallets managed by a third-party custodian, prioritizing safety and transparency for investors.
Registered as a Delaware statutory trust on February 27, 2025, with its S-1 filing submitted in March, the trust avoids classification as an investment company or commodity pool, strategically sidestepping certain regulatory constraints.
The push for an SUI ETF reflects a swelling tide of innovation within the cryptocurrency market, as issuers race to introduce novel ETF products to eager investors.
Canary Capital, the driving force behind the SUI ETF, has emerged as a trailblazer, previously filing for ETFs linked to Solana, XRP, and Litecoin, showcasing its ambitious vision.
The firm also garnered attention with a pioneering hybrid ETF proposal blending cryptocurrency and NFTs, targeting the quirky Pudgy Penguins ecosystem, further underscoring its creative approach.
Notably, this surge in crypto ETF momentum has accelerated since President Trumps return to office in January 2025, ushering in a wave of altcoin ETF filings, including unconventional ones for memecoins like Dogecoin and Official Trump.
SUI price bounces back after hitting a 5-month low
Before the ETF filing captured headlines, SUI had been grappling with downward pressure, sinking to a five-month low of $1.7411 on April 7, 2025, according to CoinMarketCap data.
The announcement of the ETF proposal sparked a swift reaction, propelling the tokens price past the $2 threshold in a brief surge of optimism.
However, this rally proved fleeting, as SUI soon retreated to $1.94, reflecting a 5.9% drop over the past day, yet still signaling a recovery from its recent nadir.
Technical analysis, however, offers some hope, with experts noting a triple tap pattern forming around the $2.00 support level, challenged by resistance at $2.10.
Analysts observe that while SUI has repeatedly faltered at this $2.10 ceiling, it has also displayed resilience with progressively higher lows, hinting at accumulation.
A decisive break above $2.10, especially with robust trading volume, could ignite a significant uptrend, keeping investors on high alert amid these evolving dynamics.
Should the SEC greenlight the SUI ETF, it could draw institutional heavyweights into the SUI ecosystem, fostering enhanced price stability and liquidity.
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