Sui Price Eyes Recovery as Third Spot SUI ETF Debuts on Nasdaq

Sui price is seeking a rebound after the third spot SUI ETF made its debut on Nasdaq. The token has traded below the $1 level amid a sustained downturn in the crypto market. Over the last week, SUI fell about 10%, following losses on major digital assets

Bitcoin, Ethereum, Solana, and Dogecoin have also been experiencing ongoing selling pressure. Although it was weak in the last few days, hourly indicators have shown better signs and are poised to indicate better sentiment in the short term.

Third Spot SUI ETF Goes Live as SEC Clears 21Shares Fund

Today the U.S. Securities and Exchange Commission approved the 21Shares Spot SUI ETF for trading on the Nasdaq exchange platform. The fund is traded in the TSUI ticker and has a management fee of 0.30% in case the investor wants to have a regulated exposure to crypto.

This will be the third SUI exchange traded fund to enter U.S. market, after startups by Grayscale and Canary Capital. The company also launched its staked SUI ETF on Nasdaq earlier this month, increasing the availability of options to investors in brokerage accounts around the country today.

These products offer direct spot exposure to Sui, without the need of the investor to personally hold tokens in their personal digital wallets. The milestone notwithstanding, SUI price fell and hovered around a critical technical support area due to market volatility and profit taking.

New ETF products are now being approved by regulators and the analysts are monitoring the trading volumes and inflows in order to tell them about sustained institutional demand. The participants in the market anticipate that the adoption of ETFs will affect the liquidity and determine the direction of the price of SUI in future in the coming weeks in the global markets.

SUI is the leader on the weekly token unlock parameter, releasing the most significant amount of tokens of the large projects. Based on the information provided by CryptoRank, SUI will unleash a value of 48.87 million tokens on March 1. This is 0.54% of its total supply.

The best seven projects will open up a total of 114.71 million. SUI is under the attention of market players as new funds are being introduced into the market.

Will Sui Price Recover Above $1 as Bulls Defend Key Support?

The Sui price trades at $0.8642 after extending its short-term pullback on the four-hour chart. Sellers continue to cap upside moves below the $0.90 resistance level

The momentum indicators are weak, with the MACD line remaining below the signal line. Histogram bars are still negative, which represents a declining purchasing power between sessions.

The RSI is close to 34, indicating the asset is close to being oversold. But a recovery of over $0.90 is required to stabilize the mood and bring on demand to bulls.

Future Sui outlook remains beneath the 50-period average zone, reinforcing a near-term bearish bias. The $0.80 area has become the immediate support after several tests conducted this week. A clear drop below $0.80 may pave the way to $0.70 and $0.65.

In case that level breaks, the next upside would be set at $1.00 and further at $1.20. A further sustained rally above $1.20 would reveal the resistance that is exhibited by $1.50