SUI Token Holds Strong as ETF Progress Sparks Institutional Interest Despite Market Volatility

SUI, the native token of the Sui blockchain, initially surged after Nasdaq submitted a 19b-4 FORM to the SEC for a 21Shares SUI exchange-traded fund. The token surpassed a critical resistance level at $3.49 overnight, backed by trading volume exceeding 13 million tokens—significantly higher than the 24-hour average.

Market enthusiasm waned slightly during U.S. afternoon trading as macroeconomic pressures caused SUI to dip around 1%. The broader cryptocurrency market, reflected by the CoinDesk 20, remained stagnant after similar afternoon declines.

If approved, the 21Shares SUI ETF WOULD represent a pivotal development for institutional adoption, offering traditional investors regulated access to the Sui ecosystem. This filing follows April''s draft S-1 registration, marking the second major milestone in the approval process.