Key Insights:
- Grayscale amends SUI ETF S-1, targeting GSUI ticker on NYSE Arca with staking yields.
- SUI price at $1.44 holds $1.40 support, eyeing $1.52 breakout amid buying surge.
- Rival filings from Bitwise signal a broader institutional push for Sui exposure
Grayscale has submitted an updated S-1 form with the U.S. Securities and Exchange Commission (SEC) for its Sui Staking ETF. Thus, it moved one step closer to listing on the NYSE Arca under the ticker GSUI.
Institutional interest is increasing in altcoins like Sui, especially as the broader cryptocurrency market navigates volatility. The market leader, Bitcoin, is trading at $88,000, while Ethereum is around $2,900.
The price of SUI has shown stability and is currently at $1.44. The big question now is whether SUI can surpass the $1.55 mark, which could trigger a bullish reversal in the coming weeks.
Grayscale’s Push for SUI ETF Approval
The most recent S-1 filing by Grayscale includes information about its intended Sui Staking ETF. The fund is aimed at providing investors with exposure to the SUI price movement. It also aims to generate returns through staking.
With Coinbase as the prime broker and Bank of New York Mellon as the administrative provider, the ETF will leverage established infrastructure. If it gets approved, the fund will be listed on NYSE Arca and will stop trading over the counter.
Competitors such as Bitwise and Canary Capital are also seeking approvals related to SUI, with Grayscale leading the pack. It indicates that Sui has a network with 616,000 daily active users and 4.3 million transactions per day.
SUI Price Holds Key Support and Eyes the $1.55 Resistance
Currently trading around $1.44, the SUI price stability comes after a period of selling pressure. That suggests the asset may be nearing the end of its recent decline. SUI is aiming to breach the 1.55 resistance level, which has been a force to be reckoned with over the past few weeks.
The lower Bollinger Band of SUI is at approximately $1.32, and its current price action is supported by the lower Bollinger band. That implies that the asset is oversold. The upper band of the Bollinger Bands is close to $1.98, and this will provide strong resistance if buying pressure rises.
SUI’s ability to stay above $1.40 is critical to the short-term price movement. Provided it overcomes the $1.55 resistance, SUI price might rally to the next resistance areas at $1.60 and $1.68. Nonetheless, should SUI lose support at $1.40, it might continue to decline, with possible targets around $1.20 to $1.30.
Analysts, including BitGuru, have suggested that if SUI can break the resistance levels between $1.48 and $1.52, it may target higher levels. It could reach $1.60 to $1.68. Recent price movements suggest SUI is poised for a bullish reversal, as long as it remains above the $1.40 support level.