XRP News Today: Sui Price Surges 20% in 30 Days Amid Nasdaq ETF Filing

Sui (SUI) is currently demonstrating strong technical indicators that suggest a potential 100% price rally in the near future. This optimistic outlook is further bolstered by recent developments, including the filing of a Nasdaq ETF by 21Shares. The ETF filing has sparked significant interest and investment, with flows into SUI ETPs increasing by $2.9 million between May 16 and May 24. This surge in investment places SUI among the top performers in terms of net assets, trailing only Bitcoin (BTC), Ether (ETH), Solana, and XRP (XRP).

The technical analysis of SUI's price chart supports the notion of a substantial rally. The chart patterns and recent market movements indicate a bullish trend, which, if sustained, could lead to a doubling of SUI's price. This technical strength is complemented by the positive market sentiment surrounding the cryptocurrency, driven by the Nasdaq ETF filing and other optimistic updates. As of May 28, SUI has reclaimed the “Gooner EMA” as support on the weekly chart. Gooner EMA is a technical indicator created by trader NebraskanGooner that uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above the EMA range, it often leads to further gains. When the price closes below the EMA range, it tends to follow deeper losses. SUI lost this support, roughly between $3.34 and $3.59, last week after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain. Now that SUI has reclaimed the zone, bullish sentiment is returning, according to NebraskanGooner. He wrote: “As long as it can hold Gooner EMA support, it can retest ATHs. Depending on market conditions — it even has a chance for a new ATH.” SUI’s current record high is around $5.36, roughly 40% above the current prices. Fibonacci retracement levels and SUI’s prevailing ascending channel setup project $7.56 as the new record-high target, up over 100% from the current levels.

The filing of the SUI ETF by 21Shares on Nasdaq is a significant development that has the potential to drive further investment and awareness for SUI. ETFs provide a more accessible and regulated way for investors to gain exposure to cryptocurrencies, which could attract a broader range of investors, including institutional players. The increased interest and investment in SUI ETPs reflect growing confidence in the cryptocurrency's potential and its ability to deliver strong returns. 21Shares already offers a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch in July last year, SUI’s price has surged by over 350%. These listings have also helped boost total assets under management (AUM) in SUI-based ETPs to $317.2 million. The regulatory approval for Nasdaq’s SUI ETF remains uncertain, akin to most crypto ETF applications.

The overall positive trend in SUI's price, as indicated by its 30-day gain of 20.29% and 90-day gain of 5.90%, further supports the bullish outlook. These gains reflect an overall upward trajectory for SUI, which is likely to continue as more investors take notice of the cryptocurrency's potential. The combination of technical strength, positive market sentiment, and the Nasdaq ETF filing positions SUI for a potential 100% price rally in the coming weeks.