Why SUI Might Just Be the Next Big Thing (Or Not) 🤷‍♂️

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Ah, Sui (SUI), the cryptocurrency that’s trying to convince us it’s the next big thing, like that friend who insists they can totally pull off a mullet. With a technical case for a 100% price rally, it’s like watching a toddler try to walk—adorable, but you know it’s going to end in tears. And what’s fueling this optimism? Oh, just a little thing called the Nasdaq ETF filing with the US Securities and Exchange Commission (SEC). No big deal, right? 🙄

Gooner EMA Support: The Newest Celebrity in Town

As of May 28, SUI has decided to reclaim the “Gooner EMA” as support on the weekly chart. Yes, you heard that right. It’s like a bad breakup where SUI is now begging for another chance.

The Gooner EMA, a technical indicator created by the illustrious trader NebraskanGooner, uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above this EMA range, it’s like finding a $20 bill in your winter coat—unexpected and delightful! But if it dips below? Well, that’s just a one-way ticket to Sad Town.

Last week, SUI lost this support, hovering between $3.34 and $3.59, after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain. Talk about a rough week! It’s like losing your wallet at a bar—embarrassing and costly.

But fear not! Now that SUI has reclaimed the zone, the bullish sentiment is returning, according to our friend NebraskanGooner. He wrote:

“As long as it can hold Gooner EMA support, it can retest ATHs. Depending on market conditions — it even has a chance for a new ATH.”

Current record high? Around $5.36, which is roughly 40% above where we are now. So, if you’re feeling lucky, maybe it’s time to dust off those crystal balls.

Fibonacci retracement levels and SUI’s prevailing ascending channel setup project $7.56 as the new record-high target. That’s over 100% from current levels! It’s like a diet plan that promises you’ll lose 20 pounds in a week—sounds great, but we all know how that ends.

Nasdaq Files for SUI ETF: The Plot Thickens

NebraskanGooner’s bullish outlook for SUI comes almost a week after Nasdaq’s SUI ETF application with the SEC. It’s like waiting for your favorite show to be renewed—excitement mixed with a hint of dread.

21Shares already offers a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch last July, SUI’s price has surged by over 350%. That’s right, 350%! It’s like finding out your favorite childhood snack is still being made—pure joy!

These listings have also helped boost total assets under management (AUM) in SUI-based ETPs to $317.2 million, according to a May 26 report from CoinShares. Between May 16 and May 24 alone, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin (BTC), Ether (ETH), Solana (SOL), and XRP (XRP) in terms of net assets. It’s like being the popular kid in school, but only because you have the best snacks.

But let’s not get too excited—the regulatory approval for Nasdaq’s SUI ETF remains uncertain, much like your chances of winning the lottery. So, keep your fingers crossed and your wallets ready!

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2025-05-28 16:26