By Chris Hollingworth 
Sui (SUI) Positioned for Potential Price Rally
Sui (SUI) is showing strong technical indicators that suggest a significant price rally may be on the horizon. Recent positive developments, such as the Nasdaq ETF filing with the US Securities and Exchange Commission (SEC), are further bolstering this outlook.
One key technical indicator to note is the “Gooner EMA,” which SUI has reclaimed as support on the weekly chart as of May 28. The Gooner EMA, created by trader NebraskanGooner, uses the 11- and 22-period exponential moving averages (EMA) to signal potential price movements. When the price crosses above the EMA range, it often indicates further gains, while a close below the range may lead to losses. SUI recently lost this support due to a $200 million exploit on the Cetus decentralized exchange built on the Sui blockchain. However, with SUI now back above this crucial level, bullish sentiment is returning.
NebraskanGooner commented on the current situation, stating, “As long as it can hold Gooner EMA support, it can retest ATHs. Depending on market conditions, it even has a chance for a new ATH.” SUI’s all-time high is approximately $5.36, representing a 40% increase from its current price. Fibonacci retracement levels and SUI’s ascending channel setup suggest a new record high target of $7.56, which would be over 100% above current levels.
In addition to these technical factors, Nasdaq recently filed for a SUI ETF, following the success of 21Shares’ Sui exchange-traded product (ETP) in Europe. The European ETP has seen a price surge of over 350% since its launch in July last year. This move by Nasdaq, along with other listings, has contributed to a growth in total assets under management (AUM) in SUI-based ETPs to $317.2 million, as reported by CoinShares on May 26. Inflows into SUI products have been strong, with $2.9 million attracted between May 16 and May 24, positioning SUI as one of the top assets in terms of net assets alongside major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP).
While the outlook for SUI remains positive, it’s important to note that regulatory approval for Nasdaq’s SUI ETF is still pending, as is often the case with crypto ETF applications. Investors should conduct their own research and consider the risks involved before making any investment decisions.
