Grayscale launched the Sui Staking ETF (GSUI) on NYSE Arca, as the token is trading near a critical support level around $1.00.
The ETF debut arrives at a technically sensitive moment for the token, with traders closely monitoring whether new institutional exposure could influence liquidity conditions, market sentiment, and short-term price stability dynamics.
According to the crypto analyst eye zen hour, as of Wednesday, February 18, the Relative Strength Index (RSI) entered oversold territory, while price action showed signs of stabilization.
Such conditions often signal weakening bearish momentum, although analysts caution that confirmation signals remain essential before drawing reversal conclusions.
In the past, when the token has been in oversold territory in an uptrend, it has led to substantial price expansions. As an example, in October 2023, this asset has seen a +503% price increase. Additionally, in August 2024, this asset has seen an +837% price increase.
Though this does not guarantee such performances in the future, it does suggest that such price swings are possible.
SUI Price Action Shows Potential with a $2.00 Target
The key levels are currently centered around whether the asset can regain the weekly hypertrend indicator near the $1.00 mark.
Market participants are also watching the On-Balance Volume indicator, which is also starting to show signs of stabilizing. Until such confirmation is seen, the overall levels are considered to be in a state of building the setup.
Source: eye zen hour X Post
While the broader macro remains an upward-sloping structure, long-term positioning continues to be dominated by the Genesis Anchored VWAP (AVWAP) at $2.00.
Generally, the analyst tends to view this area more in terms of a key structural resistance rather than an absolute price target. However, to get to this area, there needs to be an increase in volume and an increase in risk appetite within digital assets.
Grayscale Launches Sui Staking ETF on NYSE Arca
Grayscale launched the GSUI ETF, which allows investors to gain regulated exposure to the network and the staking dynamics it adheres to.
The ETF will commence trading tomorrow on the NYSE Arca exchange. The ETF will enable investors to gain exposure to the network without the need to go through the complexities of the staking process.
The ETF launch is a continuation of the integration of crypto-linked investment vehicles into the traditional financial markets.
Experts will be watching to see if the ETF attracts enough capital to have a material impact on the liquidity and volatility profiles of the token. The confluence of technical weakness and institutional expansion will be worth watching.
Also Read: SUI Slips Below $1 Despite Grayscale’s Spot ETF Filing With Coinbase as Custodian