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Sui Price Analysis: Key Support Levels and the Growing Hype for Sui Spot ETF
The cryptocurrency market has witnessed a mild gain ahead of the release of Wednesday’s CPI data from the U.S. Bureau of Labor Statistics, with altcoins like XRP leading the charge. The rise in prices is also attributed to the growing hype surrounding Sui (SUI), which has gained significant traction in recent times.
As of now, it appears that the spot ETF for Sui is on the horizon. This development has been fueled by the success of VanEck’s Exchange Traded Note (ETN) on Deutsche Börse and Euronext. It is no secret that the offering of this ETN will have a significant impact on whether other fund managers, led by Canary Capital, decide to file a spot Sui ETF soon.
Turning our attention to the current market trends, it can be seen that the Sui price has been in a falling channel since hitting an all-time high (ATH) earlier this year at around $5.3. However, the altcoin has managed to bounce back from the lower border of the falling logarithmic trend over the past two days.
The price chart reveals that the key support levels for Sui currently reside between $2 and $2.39. A convincing rebound will only be confirmed if the cryptocurrency consistently closes above $5.3.
