SUI Token Jumps 53% to $3.62 as SEC Reviews Spot ETF Proposal

The SUI token surged 53% to $3.62 following the SEC's announcement to review Canary Capital's spot SUI ETF proposal. This regulatory milestone signals growing institutional acceptance of the Sui blockchain, mirroring the path previously taken by Bitcoin and ethereum ETFs.

Technical indicators show mixed signals, with the RSI hovering at a neutral 52.91. Analysts note that short positions are thinning as traders anticipate a potential breakthrough above the $4 resistance level—a MOVE that could gain momentum if the ETF approval process advances.

The SEC's engagement marks a pivotal moment for Layer 1 alternatives, suggesting regulators may be expanding their crypto framework beyond the dominant players. Market sentiment reflects this optimism, though the approval process remains uncertain.