Pearl
Bitway
NEAR Protocol
Sui
Pudgy Penguins
Starknet
Pons
Key Insights:
- SUI crypto price hit $3.97 after the ETF filing entered the formal SEC approval process this week.
- Analysts now eye $5 to $10 targets as SUI breaks above long-term trend resistance.
- Support at $3.50 remains key for bullish continuation into early August sessions.
SUI crypto price surged past $3.90 this week after news broke of a formal ETF approval process. A proposed listing for the Canary SUI ETF is now under SEC review, marking a regulatory milestone for the blockchain. Technical indicators also went bullish, and analysts target upside targets between $5 and $10.
SUI Crypto Price Gains Strength as SEC Reviews ETF Filing
The SEC officially acknowledged a proposed rule change for listing the Canary SUI ETF on July 22. The rule, submitted by Cboe BZX Exchange, seeks approval to list and trade SUI-based trust shares under Rule 14.11(e)(4). This puts SUI on the path to potentially becoming a regulated commodity-based ETF.
Following the filing, SUI crypto price surged to $3.97, gaining over 2% within hours. The ETF process began in April, with Cboe filing the original application. An amendment passed in June pushed back the review schedule, and the official notice now initiates the clock on feedback and final decisions.
This development has lifted the SUI price, which touched $3.97 shortly after the news broke. Traders responded with enthusiasm. MartyParty, a notable market commentator, confirmed the ETF’s regulatory status, noting that it “means they are officially in the approval process.”
Although ETF approval could take months, the current status already adds credibility to SUI. In the past, long-term rallies in altcoins have been observed when institutional products are under development.
Bullish Technical Setup Points to $5 Breakout Zone
Furthermore, the SUI crypto price also broke through a key descending trendline, confirming a shift in market structure. Analyst Scient noted the 1D breakup above an important supply-demand area. He noted that SUI price is “building a base here for the next leg.”
The chart indicated clean price action above $3.80 and a steady series of higher lows. The breakout formation also indicated a possible rally to highs of $5, provided the $3.50 support holds. Current consolidation above $3.89 strengthens this case.
The CryptoPulse presented a mirroring view, highlighting a weekly retest that was high at nearly $3.90. They expect a reversal back to the areas close to $3.50 before proceeding. And their new targets are $5, $6, and long-range projections in late Q3.
In the meantime, value indicators indicate steady accumulation instead of short-term speculation. The selling pressure around resistance has weakened, further supporting the bullish case. Social mood is also on the rise alongside price growth.
Altcoin Season and DeFi Utility Add Tailwinds to Rally
Additionally, the altcoin market continues to rotate capital aggressively, and SUI has emerged as a standout. The Altcoin Season Index is currently at 55, and investors are reclaiming high utility networks. SUI’s performance, fueled by breakout price action and growing use cases, aligns with this broader trend.
Notably, the total number of SUI accounts has now surpassed 240.7 million, with more than 1.2 million new accounts created in the last 24 hours. This sudden peak in adoption indicated a surge in retail demand and network activity. Such user account growth supported the argument of long-term use and ecosystem depth.
SUI crypto developer appeal also remained high. It utilized a Move-based smart contract platform enabling high-performance, scalable development in DeFi, NFTs, and GameFi. With both rising user metrics and expanding institutional visibility, the current SUI price momentum appears to be backed by growing fundamentals.
Analyst Sees $10 SUI Price Target
More so, analyst Cihan shared a macro-level chart predicting a long-term SUI price target of $10. He indicated a successful retest of the $2.30 area earlier this year, which completed a previous target. His revised chart currently indicates a 165% Fibonacci extension to the $10 mark.
The current SUI crypto chart suggested minor consolidation before continuation. This level is technically valid provided that $3.50 range support holds. The area between $4.20 might provide temporary resistance upon trading till the confirmation of $5 breakout.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
