Sui Price Climbs 7.32% Weekly, Riding on ETF Optimism and Robust On-Chain Growth

Sui price has been riding a bullish wave this week, a major catalyst for this upswing is the U.S. SEC's acknowledgment of the NASDAQ filing to list the 21Shares SUI ETF.

The price of Sui (SUI) has risen by 7.32% in the past week, a major rally that has been attributed to several key developments.

The U.S. Securities and Exchange Commission’s (SEC) acknowledgment of the NASDAQ filing to list the 21Shares SUI ETF is a significant factor. This ETF, if approved, could unlock an estimated $300 million in capital inflow into SUI, drastically shifting the cryptocurrency’s market dynamics.

Furthermore, new developments within the Sui ecosystem are sustaining investor confidence. Notably, DeFi protocol Cetus has relaunched on Sui following an exploit that siphoned off $220 million in July.

As institutions and traders increase their activity on SUI, the price action will be closely monitored for signs of breakout or reversal. According to CoinGlass data, derivatives trading volume for SUI on exchanges decreased by 6.44% to $5.16 billion in the past 24 hours.

Open interest fell by 3.53% to $1.52 billion, while the total volume of SUI traded across major spot exchanges (measured by CoinGecko) stands at over $100 billion.

What is Next For SUI Price?

As evident from the daily chart, SUI is rebounding from its recent lows and is now testing a key level. The price is currently trading above the 9-day simple moving average of $3.26. Volume has surged more than 10% in 24 hours to $1.04 billion, indicating strong buying interest.

If the price can sustain a candle close above $3.50, it could break above immediate resistance and target the $3.80 level. A successful breakout from this zone could propel the price toward the $4.20 to $4.30 range. However, traders should be aware of potential downside risks if the price drops below the $3.20 to $3.00 support zone, where buyers have previously placed orders.