The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the proposed SUI ETF, leading to negative market sentiments and a decline in the token's price.
Heightening Bearish Sentiments Surrounding SUI Market
The SUI token has slipped by 2.7% in the last 24 hours, trading at $3.18. This downturn continues from a local peak of $4.02 reached on May 22. Currently, SUI is trading 40% below its all-time high of $5.35 set in January. The recent setback follows the SEC's announcement of a delay in the decision regarding the Canary SUI ETF, which has intensified negative market sentiment.
Current Fluctuations and Technical Analysis of SUI
Over the past week, SUI has fluctuated between $3.10 and $3.71 with buyers showing little conviction. On June 4, SEC announced that more time would be needed to review the ETF application submitted by the Cboe BZX Exchange, with a decision now expected by July 24, 2025. Technical analysis indicates that SUI is trading well below key short-term moving averages, creating resistance zones. The relative strength index (RSI) at 39 suggests some buying interest, although the market is not in an oversold condition.
Outlook and Possible Scenarios for SUI
Should the token fail to maintain support at $3.10, it could drop to $3.00, and under weak market conditions, there is a chance it could move further towards $2.90. A bullish trend may occur if SUI regains the $3.50–$3.60 range, where multiple moving averages are currently positioned. A close above $3.70 could indicate that buyers are regaining control and that there is potential for growth towards $4.00.
The SEC's delay regarding the SUI ETF has contributed to weakened market sentiment and a drop in the token's price. As uncertainty persists, investors will be closely monitoring the situation's developments.
