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Key Takeaways:
- Canary Capital’s SUI Spot ETF is now in formal SEC review, sparking bullish sentiment.
- Futures open interest for SUI hits a record $1.2 billion, placing it among the top six crypto assets.
- SUI price targets suggest upside to $5.50–$6.00 if ETF approval occurs and bullish momentum sustains.
The race to launch the first-ever SUI exchange-traded fund (ETF) is heating up. The U.S. Securities and Exchange Commission (SEC) has officially moved Canary Capital’s spot SUI ETF into its “institution of proceedings” phase—a major step forward in the approval process that’s driving new momentum into the Layer-1 blockchain’s token price.
Canary Capital’s SUI ETF Application Advances
Canary Capital, a Delaware-registered fund, initially filed for its the coin Spot ETF in March. After months of anticipation, the SEC has now launched formal proceedings to evaluate the proposal—bringing the ETF one step closer to potential approval.
This move is pivotal for the crypto industry, as it reflects a deepening institutional interest in newer Layer-1 protocols like Sui, beyond the dominance of Bitcoin and Ethereum. Notably, this isn’t the only bid on the table. Swiss-based asset manager 21Shares also filed its own SUI ETF proposal and announced a strategic partnership with the Sui Network, signaling broader institutional alignment.
Market Sentiment Turns Bullish on ETF Momentum
The ETF news has energized traders and analysts alike. Open interest for SUI futures recently surged to an all-time high of $1.2 billion, according to data from Glassnode. This makes SUI the sixth-largest crypto asset by futures open interest—trailing only BTC, ETH, SOL, XRP, and DOGE.
Technical expert @Scient on X highlighted that SUI is establishing a strong base formation, with price action suggesting a consolidation phase that may precede a breakout to new highs in August.
$SUI futures open interest remains near its all-time high at ~$1.2B, making it the 6th largest crypto asset by futures OI. pic.twitter.com/nKYiryrbPA
— glassnode (@glassnode) July 22, 2025
SUI Price Analysis: Targets and Indicators
SUI is currently trading at around $3.95, maintaining a solid lead above its 200-day moving average of $2.73. Its Relative Strength Index (RSI) hovers near 66, indicating bullish momentum without being in overbought territory.
Also Read: Charles Hoskinson Confirms August Audit Report for Cardano, Hints at Defamation Lawsuit
Analysts see immediate resistance around the $4.00 level. If broken, the next price targets are $4.20 to $5.00. In a scenario where the ETF receives approval and broader sentiment remains risk-on, the coincould potentially reach $5.50 to $6.00 in the near term.
In parallel, the SEC has approved the Bitwise Crypto Index ETF, which includes the coin along with Bitcoin, Ethereum, and XRP. Though that ETF remains on hold operationally, its composition further affirms SUI’s growing role in institutional portfolios.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
