Canary Moves Closer to SUI ETF, Analyst Predicts New ATH in August

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Canary’s SUI ETF Officially Under SEC Review

After months of anticipation, the SUI ETF application filed by Canary Capital in March has been moved into the SEC’s “institution of proceedings” phase, marking the start of the formal approval process. This step could be a turning point for the Sui ecosystem if the ETF is eventually approved.

Notably, Canary is not the only player eyeing a SUI ETF. Asset management firm 21Shares has also filed its own proposal, while announcing a strategic partnership with the Sui Network to broaden institutional access to the Layer-1 blockchain.

Although the SEC’s final decision remains uncertain, the acceptance of both proposals into the review process has fueled optimism among investors. With institutional interest and capital inflows on the rise, SUI appears poised for a major breakout in the coming months.

In related news, the SEC has recently approved Bitwise’s Crypto Index ETF — which includes SUI alongside Bitcoin, Ethereum, and XRP — further strengthening the bullish case for SUI.

Technical Signals Point to Bullish Momentum

Market data increasingly supports a positive outlook for SUI. According to Glassnode, SUI’s open interest in the futures market has surged to a record $1.2 billion, ranking it as the sixth-largest crypto by futures OI — trailing only Bitcoin, Ethereum, Solana, XRP, and DOGE.

Crypto analyst Scient highlighted that SUI is currently forming a new base, suggesting a period of short-term consolidation before a potential breakout to new all-time highs in August.

At the time of writing, SUI is trading around $3.95 — significantly above its 200-day moving average of $2.73. Its RSI currently sits at 66, indicating that the token is not yet overbought and still has room to climb.

If SUI can decisively break the key $4.00 resistance level, traders are eyeing targets between $4.20 and $5.00. Should ETF approval go through and market sentiment remain strong, SUI could potentially rally toward the $5.50–$6.00 range.

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