SUI (SUI) rebounded sharply on Thursday and rose to $ 3.78 from $ 3.52 in just five hours after he fell 8% during the US night.
The token had dropped from $ 3.82 starting around 7 p.m. 23 one before they bound at 3 o’clock one. At that time, trade volume caught 35.4 million. It is more than double its 24-hour average revenue that suggests concentrated purchase interest.
This rejection carried the token close to the former high, which suggested that large market participants accumulated under dips, although the price action remains chopped.
The comeback follows movement on a legislative front. On Wednesday, the US Securities and Exchange Commission Canary Capital’s Spot Sui Exchange-Traded Fund suggestions moved to the “Institution of Proceedings” phase. On the same day, 21Shares submitted paperwork to its own SUI ETF product.
These developments are currently marking, but real steps towards the mainstreaming of the token, potentially expanded access to investors who prefer regulated vehicles.
Still, dealers may see if this latest price action will turn into a sustained trend. The $ 3.82 brand now resembles a level of resistance, according to Coindesk Research’s technical analysis model. Early sellers have stepped in and the token is still trapped in a wider consolidation area.
SUI was recently down by 0.42% over the last 24 hours. The wider market, measured by the Coindesk 20 index, is off by approx. 1%.
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