Sui
The native token of Sui Blockchain rose slightly over the past 24 hours before they fell sharply after macroeconomic factors hit the global markets in the US afternoon hours ..
Token Rose after news that Nasdaq filed a form of 19B-4 with the US Securities and Exchange Commission (SEC) to indicate the 21Shares Sui Exchange-Traded Fund. This marks the second major step in the ETF approval process. The first, a draft of the S-1 registration statement, was filed by 21Shares in April.
If it is approved, this would be the first place Sui Etf listed in the United States, offering traditional investors regulated access to the native token for Sui Blockchain.
SUI seemed to respond to development and showed strength overnight as it broke through a $ 3.49 resistance level with support from significant trading volume, according to Coindesk Research’s technical analysis model. More than 13 million token’s changed hands under breakout, which coincided with Nasdaq’s filing.
During us afternoon hours, SUI dropped sharply and is down approx. 1% at the time of press. Coindesk 20, which tracks the wider crypto market, was only up a little after taking a hit in the afternoon.
Technical analysis highlights
- SUI experienced a decisive outbreak overnight over $ 3.49 resistance level with volume of over 13 million, significantly over the 24-hour average of 8.7 million.
- Despite smaller retreats, the token consistently found support around $ 3.45- $ 3.46.
- A high-volume-wave reinforced bullish atmosphere, which suggests potential continuation of upward momentum.
- The level of $ 3.50 has been determined as a potential key resistance zone after a temporary exhaustion of Bullish Momentum.
- Price action formed a potential base in the range $ 3.48- $ 3.48 with moderate volume that supports consolidation.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.
