Canary Capital Files for First Sui ETF with US SEC
Canary Capital moves forward with its SUI ETF application, sending an S-1 form to the SEC to forward its objectives. Following the ETF filing news, SUI rose 6% to an intraday high of $2.38 before somewhat retreating.
Canary Capital has formally filed paperwork with the Securities and Exchange Commission (SEC) for a Sui exchange-traded fund (ETF). This follows the firm’s previous crypto ETF proposals for Dogecoin (DOGE), Solana (SOL), and XRP.
The hedge fund manager’s newest step comes after registering a trust entity in Delaware on March 7, according to the state’s Division of Corporations website. With the initial S-1 file in place, Canary Capital is anticipated to submit a 19b-4 document next, confirming its plans for an SUI-focused fund.
This development comes only days after Trump-affiliated finance (DeFi platform World Liberty Financial (WLFI) stated that it would incorporate Sui assets in its token reserve and look into related product options.
Following the ETF news, SUI surged 6%, rising from $2.25 to an intraday high of $2.38 before modestly retracing. The cryptocurrency is now trading at $2.32 and has a market capitalization of $7.38 billion. Meanwhile, its daily trading volume increased by more than 45%, to $782.88 million.
Despite a 349.06% increase over the one-year low, the cryptocurrency has fallen over 31% in the previous month, matching the broader crypto market decline. Will the SUI price rise above $3 again?
SUI Price Analysis: Key Levels and Market Signals
From a technical standpoint, SUI is displaying short-term positive momentum, trading above its 9-day and 21-day exponential moving averages (EMAs). However, it remains below its 50-day and 100-day EMAs, implying resistance at $2.42 and $2.47. A breakout above these levels could signal further gain while failing to do so could result in downward pressure.
Zooming in, the RSI at 52.42 on the 4-hour SUI/USDT chart suggests neutral momentum, implying no strong bullish or bearish pressure. Analysts are also keeping an eye out for a potential bearish shift, which is indicated by the SuperTrend turning red in the same time frame. Resistance zones frequently result in extreme volatility as buyers and sellers struggle for control. If buyers lose impetus, the altcoin may retrace to crucial support levels.
The first key support to watch is $1.5997, where buyers may attempt to limit additional losses. If this level is broken, SUI might fall below $1.4222, a key support zone that has traditionally served as a price floor.
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