As the first two spot SUI exchange-traded funds (ETFs) debut in the US, some analysts have suggested that the cryptocurrency could be preparing for a massive recovery after bouncing from a crucial support level.
SUI’s Institutional Momentum ExpandsOn Wednesday, Grayscale and Canary Capital debuted the first two spot SUI ETFs, offering direct, regulated exposure to the cryptocurrency while allowing investors to benefit from staking rewards.
Notably, Grayscale expanded its lineup of crypto-based products by converting its Grayscale SUI Trust into a spot ETF, which is now live on NYSE Arca under the GSUI ticker.
Krista Lynch, Senior Vice President, ETF Capital Markets, at Grayscale, affirmed that “GSUI’s launch on NYSE Arca marks an important milestone in expanding the range of exchange-traded products tied to the Sui ecosystem, including exposure to potential staking rewards.”
“Canary continues to deliver on its strategy to translate emerging blockchain networks into accessible, exchange-traded investment vehicles, and we’re pleased to add SUIS in the category,” he continued.
SUI Preparing For Major Price Recovery?As Martinex explained, SUI tested and bounced from a two-year rising support line after the early February market crash. This ascending trendline has previously triggered major rallies.
According to the chart, the last two times the cryptocurrency hit this support line, it jumped 365% and 850% rallied respectively, with the latest sending its price toward its $5.35 all-time high (ATH) in the following months.
To the analyst, if SUI holds the $0.80 area, “history suggests upside could follow. And this time, fundamentals are lining up too.” He pointed out that the growing institutional exposure and the technical structure alignment could set up a base “for something much bigger.”
