SUI, the native token of the Sui blockchain, staged a sharp rebound early Thursday following a steep overnight sell-off. The move comes just as two spot ETF filings hint at growing institutional interest in the asset.
SUI Bounces From $3.52 to $3.78 in Five Hours
After dropping 8% overnight, SUI reversed course, surging from $3.52 to $3.78 within a five-hour window. The turnaround occurred after an intense bout of trading volume—35.4 million tokens changed hands at the low, more than 2x its 24-hour average, signaling aggressive dip-buying by traders or institutions.
The swift bounce suggests strong market support at the $3.50 range, even amid volatility.
ETF Filings Spark Institutional Momentum
Fueling this price recovery are two key developments in the ETF landscape:
- The U.S. SEC advanced Canary Capital’s spot SUI ETF proposal to the next regulatory stage (“institution of proceedings”).
- Meanwhile, 21Shares filed paperwork for its own SUI ETF product.
These filings mark a shift in regulatory posture, pointing to growing acceptance of SUI as a potential institutional-grade digital asset.
ETFs often bring increased liquidity and legitimacy, which could open the door for broader adoption by investors hesitant to engage with spot crypto markets directly.
SUI Faces Near-Term Resistance
Despite the bounce, technical indicators suggest a resistance level at $3.82, according to CoinDesk Research. This was the price just before the overnight drop and where early profit-takers have stepped in.
The token remains in a consolidation range, and it’s unclear whether this rebound will convert into a sustained breakout.
Market Context: SUI Outperforms Despite Broader Dip
While SUI slipped 0.42% over the past 24 hours, it still outperformed the CoinDesk 20 Index, which was down about 1%, highlighting SUI’s relative strength amid market-wide softness.
The Bottom Line
SUI’s rapid recovery and ETF momentum signal that institutional interest is no longer hypothetical—it’s materializing. With the SEC engaging and multiple firms filing products, SUI could soon join the ranks of regulated digital assets like BTC and ETH.
Still, traders should watch for confirmation of trend reversal above $3.82. Until then, the token remains in volatile territory, albeit with deepening support beneath it.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.