SUI Eyes Price Recovery As Institutional Exposure | Crypto News
As the first two spot SUI exchange-traded funds (ETFs) debut in the US, some analysts have advised that the cryptocurrency may very well be getting ready for a huge recovery after bouncing from a essential help stage.
SUI’s Institutional Momentum Expands
On Wednesday, Grayscale and Canary Capital debuted the first two spot SUI ETFs, offering direct, regulated publicity to the cryptocurrency while permitting traders to benefit from staking rewards.
Notably, Grayscale expanded its lineup of crypto-based merchandise by changing its Grayscale SUI Trust into a spot ETF, which is now live on NYSE Arca under the GSUI ticker.
According to the announcement, the fund is designed to “provide investors with exposure to SUI and its staking activity through an ETP, offering a convenient way to gain exposure to a network designed for scalable, real-world applications, and the next generation of digital experiences.”
Krista Lynch, Senior Vice President, ETF Capital Markets, at Grayscale, affirmed that “GSUI’s launch on NYSE Arca marks an important milestone in expanding the range of exchange-traded products tied to the Sui ecosystem, including exposure to potential staking rewards.”
Meanwhile, Canary Capital launched the first US spot ETF for the cryptocurrency on Nasdaq under the SUIS ticker. The Canary Capital Staked SUI ETF “brings that exposure into a regulated, exchange-traded structure, providing investors access to SUI and its staking reward potential,” acknowledged Steven McClurg, CEO at Canary Capital.
“Canary continues to deliver on its strategy to translate emerging blockchain networks into accessible, exchange-traded investment vehicles, and we’re pleased to add SUIS in the category,” he continued.
The Sui Foundation highlighted that the latest launches added to a collection of institutional milestones in the ecosystem, including a number of Sui-linked investment merchandise and strategic initiatives from corporations like 21Shares, Bitwise, and Franklin Templeton.
SUI Preparing For Major Price Recovery?
Amid the spot ETFs’ debut, SUI’s price continued its sideways motion under the $1.00 barrier, trading between $0.93 and $0.98 throughout the day. Ali Martinez advised that the cryptocurrency may very well be getting ready for a transfer to increased ranges, noting it not too long ago retested a key help stage.
As Martinex explained, SUI examined and bounced from a two-year rising help line after the early February market crash. This ascending trendline has beforehand triggered major rallies.
According to the chart, the last two occasions the cryptocurrency hit this help line, it jumped 365% and 850% rallied respectively, with the latest sending its price toward its $5.35 all-time high (ATH) in the next months.
To the analyst, if SUI holds the $0.80 space, “history suggests upside could follow. And this time, fundamentals are lining up too.” He identified that the growing institutional publicity and the technical construction alignment may set up a base “for something much bigger.”
Similarly, market observer Bitcoinsensus highlighted SUI’s macro construction, which indicators a potential leg up toward new highs. Per the post, the altcoin “has been moving up in a very technical structure” since its launch, repeating a 5-wave up adopted by a 3-wave correction.
The chart reveals that the price is probably going close to the end of the C-wave of its corrective transfer, suggesting a new impulsive 5-wave construction may develop in the approaching months. “If this trend continues, we could see SUI reach prices above 10$ per coin,” the analyst concluded.
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