Grayscale filing for Sui Staking ETF pushes the SUI price closer to the $1.55 resistance level

Grayscale has just updated and filed the S-1 form with the U.S. Securities and Exchange Commission (SEC) for the Sui Staking ETF fund, marking a significant step forward in the process of listing on NYSE Arca under the ticker GSUI.

Grayscale Sui ETF S-1 AmendmentInterest from institutional investors in altcoins like Sui is increasing, especially as the cryptocurrency market faces volatility. Currently, Bitcoin is trading at $89,000, while Ethereum remains around $3,000.

The SUI price has shown stability, currently at $1.44. The market is asking whether SUI can break through the resistance level of $1.55, which could open the door to a strong bullish trend in the near future.

Grayscale's Efforts to Approve the SUI ETF

In the latest S-1 filing, Grayscale provided detailed information about the Sui Staking ETF fund, aiming to help investors access SUI price fluctuations while optimizing profits through staking activities.

This ETF is supported by reputable partners such as Coinbase (main broker) and Bank of New York Mellon (administrative custodian), leveraging modern financial infrastructure. If approved by the SEC, the fund will be officially listed on NYSE Arca and cease trading over-the-counter (OTC).

Competitors like Bitwise and Canary Capital are also seeking approval related to SUI; however, Grayscale remains market leader. Data shows that the Sui network currently has 616,000 active users daily and records over 4.3 million transactions per day.

SUI Price Holds Support Zone and Aims to Surpass $1.55

After a period of selling pressure, SUI's price stabilized at $1.44, indicating a potential end to the recent downtrend. SUI is striving to conquer the resistance level of $1.55, which has been a significant barrier in recent weeks.

SUI Price Maintains Key Support | Source: TradingViewThe lower Bollinger Band for SUI is around $1.32, indicating the asset is in an oversold condition. The upper Bollinger Band near $1.98 will serve as a strong resistance zone if substantial buying interest emerges.

Maintaining the price above $1.40 is crucial for SUI's short-term trend. If it breaks through the resistance at $1.55, SUI could rise to next resistance levels at $1.60 and $1.68. Conversely, if support at $1.40 is lost, SUI may continue to correct toward $1.20 – $1.30.

Source: XAccording to analysts, including BitGuru, if SUI breaks through resistance levels from $1.48 to $1.52, the price could target new highs, from $1.60 to $1.68. Recent price movements suggest SUI is on the verge of a bullish reversal, provided it maintains support above $1.40.