The cryptocurrency SUI surged over 15% in 24 hours, passing the $4.23 mark, largely driven by ETF optimism and increased activity in its DeFi ecosystem.
This price increase highlights potential momentum for an altcoin rally, fueled by ETF speculation and substantial DeFi involvement on the Sui network, despite the absence of official SEC approval.
SUI has experienced a noteworthy price surge, rising more than 15% in a single day and surpassing $4.20. This increase comes amid heightened expectations of a potential ETF approval.
Mysten Labs, led by Evan Cheng, is behind Sui. Analysts foresee continued price momentum driven by ETF speculation and expanding DeFi ecosystem activities on the Sui network.
Trading Volume Spikes After SEC Acknowledges ETF Filing
Following the ETF filing acknowledgment by the SEC, SUI witnessed a trading volume surge, indicating heightened market liquidity. This reaction underscores the possible impact of institutional interest pending further regulatory developments.
Forecasted ETFs have historically impacted short-term market movements. Analysts caution that no official approval could lead to price adjustments, similar to previous ETF-driven activities.
Cup-and-Handle Pattern Signals Possible Bullish Continuation
Past ETF acknowledgments, such as those for BTC, have led to short-term rallies without sustained gains. SUI’s recent patterns mimic these trends, prompting cautious optimism among traders.
Experts highlight the formation of a cup-and-handle pattern, suggesting potential bullish continuation. However, anticipated token unlocks might introduce market volatility if demand does not match new supply.
Evan Cheng, Co-founder & CEO, Mysten Labs, “While we have seen significant momentum recently, our focus remains on ongoing development and establishing a stable ecosystem that can support such price movements in the long term.”
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