Cryptocurrency ETP provider 21Shares is filing for a SUI ETF in the U.S. as part of its partnership with the Sui blockchain network. The news comes as part of a broader expansion strategy for 21Shares, which is expanding its focus to the U.S. market.
"This filing is a first step in expanding exchange-traded access to SUI. We’ve had great conversations with investors about the unique opportunities in the blockchain space, and we’re excited to introduce this new offering to them," said 21Shares in its statement.
"Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we're seeing that thesis play out,” said Duncan Moir, President of 21Shares. "We're launching this partnership and products with both conviction in the technology and responding to investor demand."
The partnership will include product collaborations, research reports and other initiatives designed to increase accessibility to the Sui ecosystem.
“Sui was designed to become the global coordination layer for digital assets. We're thrilled to deepen our partnership with 21Shares to bring more choices and access to the vibrant Sui ecosystem,” said Kevin Boon, President at Mysten Labs, the original contributor to Sui.
SUI price eyes breakout at key resistance level
The SUI price has shown strength amid the ETF filing news, surging 11% in the last 24 hours. This recent jump adds to its 56% gain over the past 30 days and approximately 230% increase over the last year.
Technical analysis from crypto analyst Ted suggests SUI is approaching a critical price point.
According to Ted, SUI is approaching a key resistance level. Last time it got rejected from the $3.8-$4 zone, and it's now attempting another breakout. If SUI manages to break above $4, it could soon hit a new ATH.
According to CoinGape's price prediction, SUI has a 49% bullish prediction.
