The U.S. Securities and Change Fee has delayed its decision on the proposed Canary SUI exchange-traded fund, triggering renewed bearish sentiment across the SUI token.
The token has slipped 2.7% over the previous 24 hours to commerce at $3.18, extending a pullback that started after its Could 22 native excessive of $4.02. Sui (SUI) is now 40% under its all-time excessive of $5.35 from January. The newest setback comes after the SEC introduced a delay in its decision concerning the proposed Canary SUI ETF, a product that will provide regulated publicity to the Sui token
The SEC, in a June 4 filing, stated it will take extra time to evaluate the ETF software submitted by Cboe BZX Change, which seeks approval for a fund providing direct publicity to SUI. A decision is now anticipated to be made by July 24, 2025.
Though such delays are frequent within the ETF evaluate course of, they usually negatively impression sentiment, particularly at a time when market confidence is already strained.
Over the previous week, SUI has fluctuated between $3.10 and $3.71, with consumers exhibiting little conviction. The newest delay has added to the uncertainty, dampening hopes of near-term institutional inflows by a regulated funding automobile.
From a technical perspective, the outlook stays bearish. SUI is buying and selling properly under its key short-term transferring averages, together with the 10-day and 20-day EMAs, which now act as dynamic resistance zones. The value has been struggling to remain above the decrease Bollinger Band, an indication that draw back volatility should still be current.
Momentum indicators mirror a market missing clear route. The relative power index, which is at present at 39, signifies that there’s nonetheless some shopping for curiosity however that the market will not be fully oversold. In the meantime, the MACD has crossed under the sign line, confirming unfavourable development momentum.
SUI might simply drop to $3.00 whether it is unable to carry the $3.10 assist. If total market situations proceed to be weak, there may be additionally an opportunity that it might transfer further towards the $2.90 space. Bulls should regain the $3.50–$3.60 vary, the place a number of transferring averages at present cluster, for a real recovery.
If the worth closes above $3.70, it might imply that consumers are taking again management and that there’s room for progress towards $4.00.
