- SUI confirms bullish structure with strong support rebound at $1.20.
- Fireblocks’ partnership strengthens institutional access to the Sui blockchain.
SUI rallied sharply after 21Shares submitted an S-1 registration to the U.S. Securities and Exchange Commission (SEC) for a spot SUI ETF. The filing, published on the SEC website, triggered a 5% price jump within hoursIt later adjusted to trade around $3.68.
Within 24 hours, the token climbed 10.9%, showing a strong market response. At its peak, SUI rose from $3.56 to $3.75 before dipping to $3.35, reflecting a 3.18% intraday drop at press time.
During the Sui Basecamp conference, Duncan Moir, president of 21Shares, highlighted the firm’s long-term confidence in Sui. The filing follows a similar move by Canary Capital six weeks earlier. Both filings suggest growing institutional appetite for exposure to layer-1 tokens like SUI.
The SUI token is native to the Sui blockchain, a scalable network developed by ex-Meta engineers. Its market capitalization stands at $11.8 billion, just outside the global top 10.
The Sui Foundation has supported this growth with key infrastructure updates. It recently partnered with Fireblocks to introduce secure native custody solutions. This collaboration aims to improve institutional access and strengthen DeFi integration.
Bullish Structure Confirmed Near Key Support Level
Technical analysts continue to monitor SUI’s price action following the ETF announcement. Crypto trader Crypto Tony shared a weekly chart on X (formerly Twitter) showing a strong support zone at $1.20.
However, he said this level has acted as a foundation through several price pullbacks over the past year. The token first breached the $1.20 mark in late 2024, followed by a successful retest in early 2025.
Tony stated that the latest weekly candle closed with a long body above this support level, indicating buyer strength. He added that the structure has formed higher lows, indicating sustained upward momentum.
April’s rebound from the $1.20 level further reinforced market confidence. This is the second confirmed move above the key zone in recent months. Although the token dipped slightly after the ETF-driven rally, analysts see continued strength as long as the $1.20 support holds.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
