Sui (SUI), a rising layer-1 blockchain project, is capturing attention following two major institutional moves. Trump-backed World Liberty Financial (WLFI) has added SUI to its asset reserves, signaling growing confidence in the token. Meanwhile, Canary Capital has formally applied for an exchange-traded fund (ETF) tracking SUI, fueling speculation about its broader market adoption.

Canary Capital’s ETF Filing Boosts Sentiment

On March 17, 2025, Canary Capital submitted an S-1 registration form to the SEC, proposing a spot ETF for SUI. This fund aims to provide investors with regulated exposure to the cryptocurrency without requiring direct token ownership. The application still awaits a 19b-4 filing for exchange listing approval, but if greenlit, it could serve as a catalyst for institutional interest in SUI.

SUI’s Technical Setup Points to Strength

SUI has surged 6,55% this week, rebounding from its $1,97 low and reclaiming $2,33, a crucial support zone. The asset is trading within a falling wedge pattern, a formation that historically signals bullish breakouts. The next resistance barrier stands at $3,00, aligning with the 50-day and 200-day moving averages. A confirmed breakout could set the stage for further gains.

Momentum indicators are also turning positive. The MACD is nearing a bullish crossover, hinting at rising buyer interest. If SUI clears resistance and holds its position, a 26% rally could unfold. However, failure to sustain momentum might trigger a retest of lower price levels before another breakout attempt.

Institutional Backing Could Drive Further Growth

With an ETF narrative gaining traction and partnerships expanding SUI’s presence in DeFi, the token is well-positioned for long-term growth. Should regulatory approval align with technical breakout signals, SUI could experience a significant upward move, further solidifying its role in the blockchain space.