Sui is an innovative Layer 1 blockchain and smart contract platform designed for fast, private, secure, and accessible digital asset ownership.
Canary Capital's Bold Move: First Sui ETF Filed
Canary Capital filed an S-1 registration with the SEC on March 17, 2025, for the first Sui (SUI) ETF to provide investors with exposure to the Sui blockchain native token. The move follows Canary Capital's establishment of a Sui Trust in Delaware and is part of its overall plan to launch various cryptocurrency ETFs, including Litecoin, XRP, and Dogecoin. The news caused a 6% price appreciation of SUI, reflecting bullish sentiment, although the SEC's history of taking months to make decisions on altcoin ETF applications, such as those from Grayscale and Bitwise, makes approval timelines uncertain, with the SEC having up to 240 days to act. If approved, this ETF would enhance liquidity and acceptance of cryptocurrency ETFs in the U.S. market.
DeFi Ecosystem Thrives on Sui Blockchain
Early in 2025, the Sui blockchain ecosystem experienced massive growth, with a DeFi environment that had 54 active protocols and a TVL that reached as much as $2 billion for a short time, doubling in a matter of three months. The network's high transaction volume, with over 4.58 billion transactions across 18.19 million active accounts, shows its scalability and efficacy, supported by innovations like Programmable Transaction Blocks (PTB) and low fees on transactions. Growing institutional demand, strategic partnerships, and upcoming events further establish Sui as a decentralized application leader, paving the way for broadened adoption and potential growth within the blockchain space
Market Performance of SUIUSD
SUIUSD showed a minor pullback of more than 20% after a massive sell-off. A daily close above $5.35 will confirm a bullish trend. It remains well above both short-term (34 and 55 EMA) and long-term moving averages. If the pair closes below $1.60, it could invalidate the bullish outlook. Immediate support is at $2.20, with further downside targets at $1.80/$1.60.
Resistance Levels and Trading Strategy
Immediate resistance is around $2.50, any breach above will push the pair to $3/$3.25/$3.75/$4.30/$5.35. A breakout above $6 could drive the price to $7. It is advisable to consider buying on dips near $2, with a stop loss of around $1.60 and a target price of $5.
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