SUI price chart hints at 2x rally amid Nasdaq ETF filing

Sui (SUI) is making a strong technical case for a 100% price rally in the coming weeks, helped further by a slew of optimistic updates, such as the recent Nasdaq ETF filing with the US Securities and Exchange Commission (SEC).

As of May 28, SUI has reclaimed the “Gooner EMA” as support on the weekly chart.

Gooner EMA is a technical indicator created by trader NebraskanGooner that uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above the EMA range, it often leads to further gains.

When the price closes below the EMA range, it tends to follow deeper losses.

SUI lost this support, roughly between $3.34 and $3.59, last week after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain.

Related: Sui validators vote on $162M Cetus recovery plan to restore user funds

Now that SUI has reclaimed the zone, bullish sentiment is returning, according to NebraskanGooner.

He wrote:

SUI’s current record high is around $5.36, roughly 40% above the current prices.

Fibonacci retracement levels and SUI’s prevailing ascending channel setup project $7.56 as the new record-high target, up over 100% from the current levels.

NebraskanGooner’s bullish outlook for SUI appears almost a week after Nasdaq’s SUI ETF application with the US Securities and Exchange Commission (SEC).

21Shares already offers a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch in July last year, SUI’s price has surged by over 350%.

These listings have also helped boost total assets under management (AUM) in SUI-based ETPs to $317.2 million, according to a May 26 report from CoinShares.

Between May 16 and May 24 alone, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP) in terms of net assets.

The regulatory approval for Nasdaq’s SUI ETF remains uncertain, akin to most crypto ETF applications.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.