Well, well, well, it looks like the U.S. Securities and Exchange Commission (SEC) has decided to take their sweet time before deciding on the Canary SUI exchange-traded fund (ETF), which, if you ask me, is like waiting for a tornado to hit while you’re standing outside holding an umbrella. This little delay has managed to stir up some fresh bearish sentiments around the SUI token, leaving investors biting their nails.
In case you missed the excitement, the SUI token slipped by 2.7% in the last 24 hours, currently trading at a humbling $3.18. That’s quite a fall from grace, considering it was riding high at $4.02 just a few weeks ago. Now, it’s a full 40% below its all-time high of $5.35, a price it hit back in January. And what, pray tell, is the cause of this latest dip? Well, the SEC decided it needed more time to review the ETF application. Classic SEC move, right? Always keeping us on the edge of our seats.
In a filing made on June 4, the SEC told us they would need until July 24, 2025, to make a decision on the ETF proposal by Cboe BZX Exchange. So, if you’re hoping for a quick resolution, you might want to grab a comfy chair because it’s going to be a while.
Now, I know what you’re thinking—”Delays? That’s just part of the game!” And you’d be right, of course. But, let’s be honest here, it’s not exactly the news that gets investors popping champagne. Especially when the market is already a bit shaky. We’ve seen SUI float between $3.10 and $3.71 over the past week, but buyers? Well, let’s just say they’re about as convincing as a rabbit claiming to be a lion.
The delay? Oh, that just adds to the uncertainty, like adding more fog to an already foggy day. Hopes for institutional investors to jump on board through a regulated vehicle? Yeah, those hopes are getting as thin as my patience waiting for the SEC to decide.
Looking at things from a technical perspective (and no, I’m not just making this up), the outlook is about as sunny as a thunderstorm. SUI is sitting comfortably below its short-term moving averages, including the 10-day and 20-day EMAs, which, by the way, are acting like steel doors slamming in its face. The price has even been flirting with the lower Bollinger Band, which, in case you didn’t know, is not a great sign. More downside volatility could be in the cards. So buckle up.
And the momentum indicators? Well, they’re about as confused as a dog trying to figure out a puzzle. The relative strength index (RSI) is sitting at 39, which means there’s still a bit of interest from buyers, but not enough to call it a stampede. The MACD has also crossed below the signal line, giving the negative trend a nice little stamp of approval.
If SUI can’t hold the $3.10 support, we might be looking at a drop to $3.00. And if the market stays as weak as a limp handshake, we could even see it creep down to $2.90. But don’t give up hope just yet—if bulls can muster the strength to push back above the $3.50–$3.60 range (where all the moving averages are hanging out), there might be a recovery in the cards. But don’t hold your breath.
On the other hand, if the price miraculously closes above $3.70, we might be looking at a shift in momentum, and who knows? Maybe we’ll see a glorious march toward $4.00.
Read More
- Grimguard Tactics tier list – Ranking the main classes
- 10 Most Anticipated Anime of 2025
- USD CNY PREDICTION
- Box Office: ‘Jurassic World Rebirth’ Stomping to $127M U.S. Bow, North of $250M Million Globally
- Silver Rate Forecast
- Gold Rate Forecast
- Black Myth: Wukong minimum & recommended system requirements for PC
- Mech Vs Aliens codes – Currently active promos (June 2025)
- Maiden Academy tier list
- Hero Tale best builds – One for melee, one for ranged characters
2025-06-05 10:48