The SEC has approved the first U.S. spot ETF linked to the Sui blockchain on Tuesday, February 24, filed by @21shares_us.
This approval opens the door for investors to access SUI through a regulated public market, providing exposure to the rapidly growing Sui ecosystem without the complexities of direct token ownership.
Sui is designed to support scalable decentralized applications, offering high-speed, secure transactions. As the blockchain gains traction, the ETF approval signals growing institutional interest in digital assets and sets a precedent for future crypto ETFs.
This move aligns the token with mainstream financial markets, highlighting its potential to reshape the global economy.
SUI Tests Support Zone Amid Continued Downtrend
Despite this ETF approval, the token is still trading within a downtrend on Tuesday, February 24, and recently broke through the consolidation range.
According to a crypto analyst, BitGuru, the recent movement of the token’s price shows that there is still bear pressure on the market, and the asset is not able to find solid ground.
The recent price of the token is near a weak support area, showing that the selling pressure still dominates the market, and there is no sign of a bull run yet.
The price needs to be defended at this important level to prevent any further losses. Success at defending this level could lead to a bounce, pushing the price up through $1.00 again.
But should this level fail to be defended, another fall could be on the horizon for the token, with the market likely to experience even higher selling pressure as the bears remain firmly in control.
Momentum Indicators Point to Cautious Optimism
According to TradingView, as of Tuesday, February 24, the current value of the RSI is 35.17, which shows that the asset is likely in an oversold state.
Assets that have an RSI below 30 tend to be undervalued, whereas assets that have an RSI above 70 tend to be overvalued. In this case, the value is close to 30, which shows that the price might move up if the trend changes.
The MACD indicator is currently showing a negative momentum. The MACD line is at -0.01906, which is below the signal line at -0.02231, thereby confirming the bearish trend.
Furthermore, the histogram bars are below the zero line, thereby showing that selling pressure is currently dominating the market.
These are some of the key indicators that show that the market sentiment is currently on the downside.
Also Read: Sui (SUI) Price Eyes a Rally Toward $1.16 as VanEck ETN Boosts Liquidity