Sui’s Price Climbs as Canary Capital Files for first ETF in US SEC filing

17 hours ago 12

March 18, 2025 by Kashif Saleem

Canary Capital files its sixth crypto ETF with the SEC, focusing on Sui blockchain token.
Trump-backed World Liberty Financial’s Sui partnership fuels regulatory optimism and market interest.
Analysts predict a breakout, with Pushpendra Singh setting a $7 target for Sui’s price.

Canary Capital is pushing forward with its crypto investment ambitions, filing for its sixth crypto exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This time, it’s targeting Sui, the native token of a layer-1 blockchain that plays a crucial role in staking and transaction fees.

The Form S-1 filing, submitted on March 17, seeks approval for the Canary SUI ETF, although details on its exchange listing and ticker symbol remain undisclosed. If approved, this ETF would directly hold Sui, which currently ranks 23rd among cryptocurrencies with a market capitalization of approximately $7.36 billion.

This marks another ambitious step for Canary Capital, which has actively pursued ETF approvals in recent months. The firm has previously filed for ETFs tied to Solana, Litecoin, XRP, Hedera, and Axelar, indicating a broader push to capitalize on the growing demand for regulated crypto investment products.

Political Winds and Market Reactions

The timing of Canary’s ETF filing is significant, coming just days after Sui announced a strategic partnership with World Liberty Financial on March 6. This crypto platform, notably backed by U.S. President Donald Trump, has been incorporating Sui into its “Macro Strategy” token reserve while exploring additional joint product opportunities.

Trump’s stance on crypto has been a key factor influencing market sentiment. His promise to ease regulatory pressure on digital assets has fueled expectations that the SEC, under his administration, may become more open to approving crypto-related investment vehicles. This regulatory optimism has led to a flurry of ETF applications, with firms positioning themselves ahead of potential policy shifts.

Meanwhile, the token’s price has responded positively to the ETF news. Trading at $2.92, the token saw a 1.92% increase over the past 24 hours and a 5.73% gain over the week. However, it remains significantly below its all-time high of $5.35, recorded on January 5, marking a 56.5% decline from that peak.

Sui’s Technical Setup Signals Potential Rally

Market analysts are closely watching Sui’s price action, with some identifying bullish technical patterns that could indicate an upcoming rally. Crypto analyst Ted recently highlighted an inverse head and shoulders pattern on the 2-hour chart, suggesting a breakout could be on the horizon.

According to Ted, $2.45 is a crucial resistance zone, and if breached, it could trigger a strong upward movement. His analysis aligns with a broader sentiment of growing institutional interest, with the ETF filings adding further momentum to its potential upside.

Another prominent voice, Pushpendra Singh, Co-founder of PushpendraTech, weighed in on March 18, stating, “We’re currently in a strong buying zone, and a breakout to the upside could be imminent.” Singh is eyeing a mid-term target of $7, representing an aggressive 200% potential upside from current price levels.

Crypto forecasting platform CoinCodex predicts that the token could climb even higher, potentially reaching $7.77 by April 16, 2025. If these forecasts hold, the approval of the Canary SUI ETF could serve as a major catalyst for price appreciation, offering investors a regulated way to gain exposure to the asset.

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