According to Cointelegraph, Sui (SUI) is poised for a significant price rally, potentially doubling its value in the coming weeks. This optimistic outlook is supported by recent developments, including Nasdaq's filing for a SUI exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). As of May 28, SUI has regained support from the "Gooner EMA" on its weekly chart, a technical indicator developed by trader NebraskanGooner. This indicator utilizes the 11- and 22-period exponential moving averages (EMA), suggesting that crossing above this range often leads to further price gains. Conversely, falling below the EMA range typically results in deeper losses. SUI had lost this support last week following a $200 million exploit on Cetus, a decentralized exchange operating on the Sui blockchain. However, with the support zone reclaimed, bullish sentiment is returning, as noted by NebraskanGooner. He expressed confidence that maintaining the Gooner EMA support could enable SUI to retest its all-time highs (ATHs) and potentially achieve new ATHs, depending on market conditions. Currently, SUI's record high stands at approximately $5.36, which is about 40% above its current price levels. Fibonacci retracement levels and SUI's ascending channel setup suggest a new record-high target of $7.56, representing an increase of over 100% from current levels.
The positive outlook for SUI comes shortly after Nasdaq's application for a SUI ETF with the SEC. In Europe, 21Shares already offers a Sui exchange-traded product (ETP), listed on Euronext Paris and Euronext Amsterdam. Since its launch in July last year, SUI's price has surged by over 350%. These listings have contributed to boosting total assets under management (AUM) in SUI-based ETPs to $317.2 million, as reported by CoinShares on May 26. Between May 16 and May 24, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP) in terms of net assets. Despite these promising developments, regulatory approval for Nasdaq's SUI ETF remains uncertain, similar to most crypto ETF applications. Readers are advised to conduct their own research before making investment decisions, as this article does not provide investment advice or recommendations.
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