SUI Price Reaches New Highs After Canary Capital’s ETF Filing Receives SEC Approval

At press time, Sui (SUI) price traded at $2.34 after Canary Capital’s ETF filing received approval from the SEC. The token has achieved a 52% increase

Canary Capital's S-1 application for the first US-based SUI ETF has reportedly received approval from the SEC. This follows an earlier report:

* Canary Capital has begun the S-1 application process for the first US-based SUI ETF.

* The SEC recognized the submitted filing, initiating their official review procedure.

* Before this, the trust entity registered by Canary Capital in Delaware was meant to fulfill necessary compliance requirements.

* The ETF would allow retail and institutional investors to buy SUI’s through their standard brokerage accounts if approved.

* The blockchain has also received attention from Grayscale and Franklin Templeton.

Canary Capital's initiative to create an ETF for the Sui (SUI) cryptocurrency has advanced as the SEC recognized the S-1 filing. This follows an earlier report in March about the firm's intent to apply for an ETF to trade on the Nasdaq Global Select Market.

The trust entity, registered by Canary Capital in Delaware, was meant to fulfill several compliance requirements before applying for the ETF. After this, the SEC recognized the filing and began their review procedure.

This development comes after the SEC approved several new ETF applications from firms like BlackRock, Global X, and ARK. These filings focused on equities-related ETFs, highlighting the regulator's broader interest in expanding the ETF market.

The approval for a SUI ETF, if granted, would open up new avenues for investors to participate in the cryptocurrency market through traditional investment vehicles.

The filing also mentions that the ETF shares would be sold through A Shares, a common structure for ETFs, and the offering price for the common shares would be $10 per share.

Moreover, Canary Capital is planning to submit a 19b-4 document once the S-1 filing is finalized. This step establishes the formal request for SEC authorization to launch the ETF.

The ETF, if approved, would allow investors to easily buy and sell SUI tokens through their standard brokerage accounts, promoting broader participation in the cryptocurrency market.

This initiative follows the recent attention from institutions like Grayscale and Franklin Templeton, who are launching products related to the blockchain.

Institutions are increasingly showing interest in cryptocurrency investments, seeking to provide their users with innovative financial products.

The SEC's decision regarding crypto ETF approvals will likely impact future regulatory decisions as the regulator's focus remains on ensuring compliance with applicable securities laws.

Stablecoin Market

On March 17, the stablecoin market cap on Sui exceeded all other networks. This includes Fantom, zkSync, Algorand, Scroll, and Cardano.

The total stablecoin supply on Sui reached $638.26 Million. In comparison, Fantom had $323.58M, zkSync held $134.54M, Algorand had $119.37M, Scroll had $25.25M, and Cardano's stablecoin market cap was $24.60M.

The rising stablecoin supply on Sui’s blockchain could be attributed to the increasing attention from institutional investors. This is also evident in Canary Capital's recent application for a SUI ETF.

As more institutions integrate blockchain technology, we can expect to see a greater influx of stablecoins into the ecosystem. This ultimately contributes to improving market liquidity.

The significance of this development lies in its potential impact on the SUI price and the broader cryptocurrency market.

With deeper liquidity, we can expect more stable trading in the market, which is crucial for sustained price increases.

Moreover, increased liquidity attracts traders and investors, potentially leading to heightened interest in the SUI token, ultimately driving up the price.

However, recent trading sessions have shown that the price movements in the Sui market can be swift and substantial.

According to crypto expert BitGuru's analysis on X, the token experienced a rebound from a low of $1.9601. It later entered a stabilization phase at the $2.00 level.

After this, the token price increased, eventually passing the $2.36 mark. The analysis highlighted a new price minimum at $2.29, following a high of $2.4321.

It seems that the market has actively positioned itself at essential resistance and support areas through these price levels.

This structure of the market demonstrated the continuous participation of investors from multiple groups, driven by the growing liquidity in the market and sustained trading activity.

Technical Indicators: RSI Signals Potential Trend Reversal

The price performance of the Sui (SUI) token aligns with signals from essential technical indicators.

An analysis by OCT Trades on X revealed a possible bullish RSI crossover pattern.

Traders commonly interpret this as an indicator