Canary SUI ETF application enters SEC review stage, historical new high approaching in August?

The application for SUI's Spot ETF has taken an important step forward, as the U.S. Securities and Exchange Commission (SEC) has officially moved Canary Capital's SUI Spot ETF application into the "review process" stage. Market participants have started to follow the potential impact this step may have on SUI price movement.

Canary's SUI ETF application has entered the formal review stage

The SUI Spot ETF application submitted by Canary Funds has officially entered the review stage, marking the beginning of the possible approval process for the first SUI Spot ETF. Since Capital first submitted the SUI ETF application and registered the fund in March of this year, this development is undoubtedly an important turning point for SUI assets.

The SEC had previously delayed its decision on the application, but it has now entered the formal approval process. In addition to Canary Funds, the asset management company 21Shares has also submitted a SUI ETF proposal aimed at expanding exchange-traded access to the SUI blockchain, while announcing a partnership with Sui Network, further indicating the increasing interest of institutions in this Layer-1 protocol.

Although it is still unclear whether the SEC will ultimately approve the SUI ETF, the progress of this application has clearly raised market expectations for SUI, and many investors believe that SUI is likely to see a surge in the coming months.

Technical Indicators and Market Confidence of SUI

Market data indicates that the sentiment around the approval of SUI's ETF application is gradually strengthening. According to Glassnode data, SUI's open interest (OI) in the futures market has surged to a record $1.2 billion, making it the sixth largest crypto asset, following Bitcoin, Ethereum, Solana, XRP, and DOGE.

Crypto expert Scient pointed out that SUI is forming a new bottom structure, which could mean that it will experience some consolidation in the short term before reaching a historic high in August.

The current SUI price is approximately $3.95, well above its 200-day moving average of $2.73. The Relative Strength Index (RSI) is close to 66, indicating that there is still room for SUI to rise before entering the overbought zone.

If SUI can effectively break through the key resistance level of $4.00, traders expect its target price to be between $4.20 and $5. If the SUI ETF is ultimately approved and market sentiment remains bullish, a price range of $5.5 to $6 is also not impossible.

Conclusion: As the SEC officially launches its review of the SUI Spot ETF, market interest in SUI continues to heat up. If the ETF is approved, the price of SUI may see a surge and is expected to break through the current technical resistance range.