Can SUI Price Hit $7.2 Amid Canary Capital’s SUI ETF Filing?

Asset manager Canary Capital has recently submitted its filing at the Delaware court for an SUI exchange-traded fund (ETF), suggesting that a spot ETF filing could be coming next. This has pushed the SUI price higher by 3% despite the broader market fall. Furthermore, the recent partnership with Donald Trump’s DeFi project World Liberty Financial has served as an additional catalyst with analysts giving high targets for the crypto.

SUI Price Eyes The Rally to $7.2 and Above

Following the top of $3.5 in February, the SUI price has been trading lower amid the broader market correction and slipping under $2.5 earlier this week. However, the altcoin has bounced back from the support zone, reversing its trajectory and gaining over 3% now at $2.8 levels. Also, the open interest of the token has surged by 12.11% to $649 million, hinting at strong bullish sentiment for the altcoin, Coinglass’s derivatives data showed.

As per the below chart shared by Solberg Invest, the current pullback of the token appears to be testing a critical support zone while maintaining the integrity of the long-term uptrend. If this support holds, we could see a significant recovery all the way to the $7.2 level.

Spot SUI ETF Coming Soon?

In a major development on Thursday, Canary Capital submitted the filing in Delaware to establish a trust for an SUI-based exchange-traded fund (ETF). The filing marks an initial step toward gaining regulatory approval from the U.S. Securities and Exchange Commission (SEC). If approved, the ETF would provide investors with exposure to SUI. Co-founder Eman Abio also shared optimism surrounding the news, demanding more crypto ETFs.

Asset managers are seeking crypto ETF approval for a number of other digital assets. Earlier this week, asset manager Grayscale filed for listing its Hedera ETF product on the Nasdaq exchange. Besides, there have been several filings already seeking crypto ETFs for Litecoin, Solana, XRP, etc.

Partnership With World Liberty Financial

On Thursday, World Liberty Financial announced its partnership with the layer-1 blockchain platform with the goal of creating a Sui strategic reserve. As part of the collaboration, WLFI intends to include the crypto in its Strategic Reserve, aiming to support and strengthen leading projects.

Evan Cheng, a founding contributor to Sui, believes that the synergy between Sui’s cutting-edge technology and WLFI’s ambitions could transform how assets are stored and utilized globally. According to Cheng, both projects share a unified vision of empowering individuals to reclaim control over their “finances, creations, and online agency”. this has served as another catalyst for the SUI price rally today.