Sui (SUI) Price Rises 6% Amid Market Recovery
Sui (SUI) rose 6% on Friday as the crypto market showed signs of recovery. Bitwise, a crypto asset management firm, filed an application to the US Securities and Exchange Commission (SEC) to list a SUI spot Exchange Traded Fund (ETF) on Thursday. This news has increased retail demand for Sui. Traders in the derivatives market are also showing more bullish interest.
Bitwise ETF Filing Boosts Market Confidence
The US Consumer Price Index (CPI) for November was 2.7%, lower than the expected 3.1%. This lowered inflation number raises hopes that the US Federal Reserve might cut interest rates next year as inflation nears its 2% target. Bitwise’s S-1 filing with the SEC aims to launch a SUI spot ETF. Grayscale has also applied to convert its SUI trust into an ETF. Approval of these ETFs could attract more institutional investment into Sui.
Data from CoinGlass shows futures Open Interest (OI) in SUI derivatives reached $669.47 million, increasing 3% in 24 hours. This suggests traders are opening new positions expecting prices to rise. The OI-weighted funding rate is 0.0030%, indicating a bullish trend in derivatives trading.
Sui’s Price May Face Resistance Near $1.50
Sui bounced off the $1.30 support level, which has held since late November. The upward move could continue within a range capped by resistance near $1.73 to $1.76. However, the 50-period and 200-period exponential moving averages (EMAs) at $1.49 and $1.64 could serve as resistance levels.
Momentum indicators show a decrease in selling pressure. The Relative Strength Index (RSI) on the 4-hour chart bounced from oversold territory to 46, near the midpoint. The Moving Average Convergence Divergence (MACD) crossed above its signal line, signaling bullish momentum.
If Sui falls below $1.30, it may break the current range and head toward the psychological support at $1.00.
