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Sui (SUI) is constructing a compelling technical argument for a 100% price surge in the weeks ahead, further bolstered by a series of positive updates, including the recent Nasdaq ETF submission with the US Securities and Exchange Commission (SEC).
Gooner EMA support increases 40% SUI rebound likelihood
As of May 28, SUI has regained the “Gooner EMA” as a support level on the weekly chart.
The Gooner EMA is a technical measure developed by trader NebraskanGooner that utilizes the 11- and 22-period exponential moving averages (EMA). When the price rises above the EMA range, it frequently results in additional gains.
Conversely, when the price falls beneath the EMA range, it typically results in more significant losses.
SUI lost this support, approximately between $3.34 and $3.59, last week following a $200 million exploit on Cetus, a decentralized exchange founded on the Sui blockchain.
Related: Sui validators vote on $162M Cetus recovery strategy to return user funds
With SUI having reclaimed the level, positive sentiment is returning, according to NebraskanGooner.
He noted:
“As long as it maintains Gooner EMA support, it can attempt to retest ATHs. Depending on market dynamics — it even has a shot at a new ATH.”
The current all-time high for SUI is about $5.36, nearly 40% above the current figures.
Fibonacci retracement levels and SUI’s ongoing ascending channel structure indicate a target of $7.56 for the new record high, representing an increase of over 100% from current prices.
Nasdaq submits application for SUI ETF
NebraskanGooner’s optimistic perspective on SUI arises almost a week after Nasdaq’s SUI ETF proposal to the US Securities and Exchange Commission (SEC).
21Shares already provides a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its inception in July of last year, SUI’s value has escalated by over 350%.
These listings have also aided in elevating total assets under management (AUM) in SUI-related ETPs to $317.2 million, according to a report from CoinShares dated May 26.
From May 16 to May 24 alone, SUI products garnered $2.9 million in inflows, ranking just behind Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP) in terms of net assets.
The regulatory endorsement for Nasdaq’s SUI ETF remains uncertain, similar to most cryptocurrency ETF applications.
This article does not contain financial advice or recommendations. Each investment and trading decision entails risk, and readers should perform their own due diligence when making choices.
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