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Highlights
- Cboe BZX Exchange files for first-ever spot SUI ETF, potentially boosting SUI's regulated market presence.
- Canary Capital's proposed SUI ETF includes staking, aiming for approval after SEC green-lit Bitcoin and Ethereum ETFs.
- SUI price tests key $2.00 support after a 20% drop, with upside potential if it breaks the $2.20 to $2.30 resistance.
Sui price saw a recent recovery after the Cboe BZX Exchange filed to list the first-ever spot SUI ETF in the U.S. The move marks a new step in bringing the SUI token into regulated financial products. The filing was submitted under Form 19b-4 with the U.S. Securities and Exchange Commission (SEC).
At the time of the announcement, the SUI price was trading at $2.02, up 2% after a week of downward pressure. The token had experienced a 20% loss over seven days. This ETF filing, however, brought renewed attention to the asset and lifted its short-term trading activity.
Cboe and Canary Capital Propose SUI ETF With Staking
Canary Capital is seeking approval for a spot exchange-traded fund that tracks the SUI token. The proposed fund will be known as the Canary SUI ETF and will be offered and traded on the Cboe BZX Exchange if registered. For instance, the filing notes that the ETF would enable the fund to invest in SUI a portion of the holdings.
The filing pointed out: “The Sponsor may stake, or cause to be staked, all or a portion of the Trust’s SUI through one or more trusted staking providers.” The staking rewards would, therefore, be considered as income to the trust. However, the fund would not have any stake in future forks or airdrops.
The proposed ETF comes on the heels of Canary Capital establishing a Delaware trust to back an SUI-based fund. The firm filed a registration statement with the SEC in March and then posted the new Form 19b-4 to Cboe BZX.
Canary Capital Previous Filings For ETF
The Canary SUI ETF proposal has emerged in the wake of the recently approved Spot Bitcoin and Ethereum ETF last year. As for SUI, the Cboe BZX Exchange claimed its approach was the same as prior approvals. It declared that the same techniques will be employed to deter futures market control and protect investors.
“The Exchange believes that the proposal meets the requirements to prevent fraudulent and manipulative acts and practices,” the filing noted. This is a key requirement for ETF approvals under SEC regulations.
Canary Capital is also developing other crypto-related ETF products, including those linked to Litecoin, XRP, Solana, and Hedera. The firm’s Litecoin ETF, listed under the ticker LTCC, already appears on the Depository Trust and Clearing Corporation (DTCC) database. This shows that preparations are ongoing for a broader lineup of crypto investment products.
SUI Price Analysis: Recovery Signals After Sharp Drop
SUI price has been in a clear downtrend since reaching a peak around $2.84 earlier this year. The price has since moved within a descending channel, forming lower highs and lower lows. According to a recent SUI price prediction, key support levels have been identified at $1.80, $1.60, and $1.30.
As of April 8, the price is testing the $2.00 level, which is a key psychological and technical area. A confirmed break above the descending trendline near $2.20 to $2.30 could open a path toward $2.50 and $2.80.
However, if the SUI price fails to hold above $2.00, it may revisit lower support levels. These SUI token support levels include $1.80 and $1.60, both of which have seen previous buying interest.
Analysts are watching for a potential trend reversal pattern. If SUI price forms a higher low and breaks resistance, it may signal a shift to an upward trend. But until a breakout is confirmed, the trend remains technically neutral to bearish.
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