- The SEC delay in deciding on Canary Capital’s spot SUI ETF has increased bearish pressure on the SUI token, causing its price to drop and remain below key technical support levels.
- Without a recovery above $3.50, SUI risks further declines toward $3.00 or lower amid ongoing market uncertainty.
The Sui (SUI) token has hit turbulence again following the U.S. Securities and Exchange Commission’s (SEC) announcement to delay its decision on the proposed Canary SUI exchange-traded fund (ETF). This setback has intensified bearish pressure on the cryptocurrency, leading to concerns about its near-term price trajectory.
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SEC Delay Dampens SUI Market Sentiment
On June 4, the SEC disclosed it would extend its review period for the Canary Capital ETF application, which is designed to offer regulated exposure to the SUI token through the Cboe BZX Exchange. This delay pushes the decision deadline to July 24, 2025, prolonging uncertainty around institutional inflows.
Though regulatory delays in ETF approvals are common, they tend to negatively affect investor confidence—especially when market conditions are already fragile. The prospect of a regulated ETF had raised hopes for increased capital and price stability, but the postponement has put those expectations on hold.
Technical Indicators Point to Further Downside
SUI’s price has reflected the growing uncertainty. It slipped 2.7% in the past 24 hours, trading near $3.18, continuing its retreat from the local peak of $4.02 on May 22. Compared to its all-time high of $5.35 in January, SUI now trades about 40% lower.
From a technical standpoint, the outlook remains weak. The token is below its key short-term moving averages, including the 10-day and 20-day exponential moving averages (EMAs), which now act as resistance. The price also struggles near the lower Bollinger Band, indicating persistent volatility on the downside.
Momentum indicators add to the cautious picture. The Relative Strength Index (RSI) sits at 39, signaling some remaining buying interest but no oversold conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) recently crossed below its signal line, confirming negative momentum.
Key Support and Resistance Levels to Watch
SUI’s immediate support lies at $3.10. If this level fails to hold, the token could drop toward $3.00 or even test the $2.90 area amid broader market weakness. On the upside, reclaiming the $3.50 to $3.60 range is critical for any meaningful recovery, as several moving averages converge there.
A close above $3.70 would suggest buyers are regaining control, potentially opening the door for a rise toward $4.00. Until then, investors should brace for possible further declines as regulatory uncertainty and technical challenges weigh on the token.
The SEC’s decision delay has cast a shadow over Sui’s short-term prospects, and the token’s performance will hinge on both regulatory progress and broader market sentiment in the weeks ahead.
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