VanEck Launches SUI-Based Financial Product, Predicts 350% Price Surge
According to the recent Crypto News Flash (CNF) coverage on VanEck, the investment giant launched a SUI-based financial product. Now, VanEck sees SUI price exploding 350% with the ETF catalyst.
SUI’s Impressive Comeback
According to the reports, SUI has staged an impressive comeback following a challenging start to the year. In the past week alone, the token surged by nearly 25%, climbing from $1.86 to approximately $2.32. This resurgence is not just a fleeting moment; several indicators suggest that SUI could be on the cusp of a significant breakout.
Institutional Interest and ETF Developments
Furthermore, a major catalyst for SUI’s bullish outlook is the recent filing by Canary Capital for the first-ever SUI-based Exchange-Traded Fund (ETF) in the U.S. This move, acknowledged by the SEC, could pave the way for increased institutional investment in SUI. According to a recent tweet from Crypto Banter, stating that:
SUI just broke its all-time high in stablecoin supply, $60M inflows in 24 hours, $800M total. Something big is brewing…
In addition, it is also known that the ETF aims to provide direct exposure to SUI, making it more accessible to a broader range of investors. The global asset manager VanEck, overseeing more than $116 billion, has projected that SUI could rise by over 350% to reach $10 by the end of 2025.
Technical Indicators Signal Bullish Momentum
Technical analysis supports the positive sentiment surrounding SUI. The token has recently broken above a critical resistance level at $2.25, which now serves as strong support.
The Relative Strength Index (RSI) has increased from 48 to 68, indicating renewed buying activity, while the Moving Average Convergence Divergence (MACD) has turned bullish. If the rally continues, the next resistance levels to watch are $2.78 and $3.17.
Current Market Position Including Bitcoin’s Current Standing
As of now, SUI is trading at approximately $2.91, reflecting a 23.57% increase in the past day and 38.88% in the past week.
SUI’s recent performance, coupled with growing institutional interest and favorable technical indicators, suggests that the token is poised for significant growth. The proposed ETF by Canary Capital and the bullish projection by VanEck add further credibility to this outlook.
In addition, as CNF implied, VanEck proposes BTC bonds for U.S. debt refinancing. In the broader cryptocurrency market, Bitcoin (BTC) is currently trading at approximately $93,825, marking a 5.70% increase in the past day and 11.59% in the past week. See the BTC price chart below.