SUI Price Jumps 8% After the Filing of the First-Ever SUI Spot ETF with the SEC

In the latest news, the filing of the first-ever SUI Spot ETF with the SEC has sparked an 8% price jump for the altcoin.

In a significant development, Canary Capital has filed the first-ever SUI Spot ETF with the SEC, aiming to open the door for the altcoin's spot ETF in the U.S.

The move has sparked an 8% price jump for the altcoin, which is also being integrated into Trump-affiliated World Liberty Financial's (WLF) flagship investment product.

First S-1 Registration Document FOr SUI Spot ETF Filed

Canary Capital has submitted an S-1 registration application for a spot ETF with the SEC.

The firm is filing the relevant paperwork for a statutory trust for the ETF in Delaware, which usually precedes the filing of the 19-4B document, marking the beginning of the official process for regulatory approval.

Recently, WLF announced a partnership with Sui to add the altcoin to its Macro Strategy Fund and continue exploring other product development opportunities on the Sui blockchain.

This partnership is a significant step in increasing SUI's visibility and appeal among major investors, which could also increase the chances of the SEC approving a SUI ETF.

Multiple Wall Street Firms Partner With Sui

In addition to WLF, several other Wall Street firms have partnered with Sui for various initiatives.

These collaborations, with brands like Libre Capital, Ant Digital Technologies, VanEck, Grayscale, and Franklin Templeton, aim to enhance the altcoin's appeal among both retail and institutional investors.

As the partnership deals are completed, they will be disclosed in press releases and SEC filings, providing greater transparency into the collaborations and their scope.

Will SUI Price Reach $5 By End Of Year?

Our analysis of SUI remains bullish, and we are confident that it will eventually rebound.

By the end of the year, for example, we expect it to have recaptured the current all-time high of $5.35 set in January before peaking around $8.81.

In the shorter term, however, SUI will continue trading sideways with a strong support of around $2 and a key resistance level of $3.60.

However, even that signals opportunity for those interested in trading Sui in the near term.

The price of the digital asset currently sits at about $2.40. The next key resistance at $3.60, therefore, suggests potential upside of about 50% from here.

This is how we are guiding our premium members (log in required):

* Stay Long.

* Expect some selling pressure around $3.45, the 50% Fibonacci retracement level of the 2023 rally so far.

* Expect strong support around $2.

Stay tuned for more updates as they emerge. Nonetheless, if you're interested in learning more about the fundamentals of SUI and its potential in the cryptocurrency market, be sure to check out Ben's analysis on the topic.

His insights into the long-term prospects of SUI provide valuable context for understanding the current price movements and the overall market trends affecting the altcoin.

His analysis delves into the technical aspects of SUI's price action, offering traders and investors valuable perspectives on potential support and resistance levels, which can be crucial for making informed trading decisions.

input: In the latest news, the filing of the first-ever SUI Spot ETF with the SEEsaw the potential for the altcoin to finally get a spot ETF in the U.S.

This has sparked an 8% price jump for the altcoin.

Will the ETF hype be enough to push it above $5?

SUI Soars 8% As Trump-Affiliated WLF Adds STI To Flagship Product

SUI is one of the best-performing altcoins of the day after its price jumped by 8% over the last 24 hours.

In a quick reaction to several positive news affecting the top altcoin, SUI rose from an intraday low of $2.30 to a high of $2.50 for the first time in over a week.

Trader activity also surged on the news, with the SUI daily trade volumes rising by more than 45%, reaching $842 million.

Canary Capital Files First Ever SUI Spot ETF With the SEEC

The news follows an announcement by crypto startup World Liberty Financial (WLF) to add SUI to its flagship investment product, providing the altcoin with exposure to the Trump-affiliated organization's vast network and resources.

WLF will be integrating SUI into its Macro Strategy Fund, aiming to unlock new avenues for revenue generation and expand the fund's capabilities.

The integration is expected to be completed by the end of the third quarter of 2023, paving the way for a seamless introduction of SUI to WLF's investor base.

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