Robinhood Lists SUI for U.S. Customers Amid Price Downtrend

Crypto exchange Robinhood has listed SUI for its U.S. customers. The token’s price had spiked on the back of the Robinhood SUI listing but has now dipped alongside the broader crypto market, which is currently facing a significant correction. 

Details About The Robinhood SUI Listing

Robinhood data shows that the crypto exchange has listed SUI, the native cryptocurrency of the Layer-1 blockchain built by Mysten Labs, enabling its U.S. customers to spot trade the altcoin. 

The listing follows an earlier deleted Sui blog post, which mentioned the listing and prompted market speculation and resultant price fluctuations before the actual announcement by the crypto exchange. This move by Robinhood is the latest in the company’s strategy to increase its cryptocurrency products.

As CoinGape reported, the crypto exchange had listed FLOKI and ONDO two weeks ago. It now has just over 30 crypto assets listed for spot trading on its U.S. platform. 

By adding SUI, Robinhood has now provided users with more options. The initiative will assist the Sui blockchain to garner more mainstream coverage and gain more traction in the use of decentralized applications.

SUI Price Faces Resistance Despite Optimism

Despite the initial excitement around the Robinhood SUI listing, the token has struggled to surpass the $4 resistance level. This level has proven to be a significant barrier for the price of Sui, limiting short-term gains and contributing to the 3.6% decline in its price. As of now, SUI is trading at $3.49, and it has been retreating from its recent highs.

Concurrently, technical analysis by crypto analyst Ali Charts suggested that SUI is likely to test the $3.17 support level before attempting another breakout. Per Ali Charts, the Fibonacci 0.236 level at $3.00 has served as a strong support, while the 0.382 level at $3.40 has provided a bounce during pullbacks. 

However, a break above $4.20 could push the price toward higher targets, possibly reaching the $4.50 to $5.00 range or rally to $7, according to CoinGape’s SUI price prediction. However, if the price fails to hold above $3.20, it could drop to lower support levels, with a potential test of $2.80 or even $2.30.

Sui Blockchain Positive Fundamentals and Market Activity

Despite the price fluctuation following the Robinhood Sui listing, the network is showing positive growth in several key metrics. Per a recent X thread by Messari’s Research analyst Jake, the circulating market cap of Sui increased by 31% quarter-over-quarter, reaching $9.44 billion.

Moreover, the total fees that were raised by the token have increased by 19% during the same time and currently stand at $4.3 million. Its decentralized exchange (DEX) volume has been another record, with transactions rising 11% to 5 million per day.

New changes within the ecosystem are aiding this increasing trend. In another case, Sui Wallet and Stashed have just merged into a single wallet that supports all Sui activities, referred to as Slush Wallet. What is more, Sui DeFi Total Value Locked (TVL) has increased by 44.3% QoQ to $1.76 billion, which is an indicator of healthy DeFi on the network.

At the same time, institutional interest in the Sui platform has been building up in recent months, with key developments like the AMINA bank integration, Grayscale SUI Trust, and Fireblocks integration bringing institutional infrastructure and credibility to the ecosystem. Therefore, moving forward with these developments, they might offer fresh price drivers that potentially support SUI price action to surpass the $4 resistance.