SUI Token Rallies on ETF News Before Market Downturn

SUI, the native token of the Sui blockchain, briefly surged after Nasdaq filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list the 21Shares SUI ETF. This follows an earlier S-1 registration filing in April and marks a significant step toward launching the first spot SUI ETF in the U.S., potentially offering traditional investors regulated access to SUI.

The news triggered a spike in SUI’s price, which broke through key resistance at $3.49. The token saw a sharp increase in trading volume, with over 13 million SUI changing hands—well above its 24-hour average of 8.7 million. According to CoinDesk Research, the breakout reinforced short-term bullish sentiment as traders anticipated broader market exposure for SUI via the ETF.

Despite the initial momentum, SUI later dipped during U.S. afternoon trading, mirroring broader market weakness linked to macroeconomic developments. At the time of writing, SUI is down about 1%, trading near $3.44. The CoinDesk 20 index, which tracks top crypto assets, also showed slight gains after a volatile session.

Technical analysis suggests SUI has established support around the $3.45–$3.46 range. The $3.50 mark is emerging as a critical resistance level after the rally lost steam. A price base is forming near $3.48, supported by moderate volume—potentially setting up for future upside if bullish momentum returns.

This ETF-related development could signal a turning point for SUI, especially if SEC approval follows. However, near-term price action will likely remain tied to broader market sentiment. Traders are advised to watch the $3.50 resistance zone and volume trends for clues on the next move.