The cryptocurrency market has regained bullish momentum, driven in large part by Bitcoin (BTC), which surged over 5% in the past 24 hours to reach a new all-time high of $93,434. Following this upward trend, several altcoins have also gained traction, with Sui (SUI)—a prominent layer-1 blockchain token—showing particularly strong performance. SUI has rallied 7.30% and is currently trading at $3.35.
Key Development: VanEck Launches SUI-Based Product on Euronext
A significant recent development supporting SUI’s upward momentum is the launch of a $SUI exchange-traded note (ETN) by global asset management firm VanEck. This ETN, now available on Euronext Amsterdam and Paris, offers European investors the opportunity to gain exposure to SUI’s high-speed blockchain, designed primarily for decentralized finance (DeFi) applications, without requiring them to directly purchase or hold the SUI token.
The VanEck SUI ETN is accessible across multiple European markets, including Germany, France, and Sweden. This move reflects growing institutional interest in the SUI ecosystem, potentially enhancing SUI’s visibility and adoption across Europe as institutional and retail investors gain easier access to the token.
Technical Analysis: Breakout Indicates Potential for Further Gains
Complementing the positive development from VanEck, SUI has achieved a critical breakout on the 30-minute chart. The token recently broke above the $3.32 level, exiting a consolidation zone where it had been trading for some time. This breakout at $3.32 now serves as a solid support level, underpinning recent gains and helping to sustain upward momentum.
The last similar breakout for SUI occurred on November 9, when the token surged over 40% from $2.37 to $3.32. With a comparable technical pattern emerging now, there is potential for SUI to advance toward psychological resistance levels of $4 and possibly $4.50.
Price Outlook
With robust support at $3.32 and the bullish sentiment bolstered by the VanEck ETN launch, SUI appears well-positioned for further gains. If buying pressure remains strong, SUI could potentially reach key targets of $4 and $4.50 in the near term. However, investors should remain mindful of broader market trends and potential volatility, which could influence SUI’s trajectory.
As SUI continues to build momentum, it is a token to watch closely amid the current market rally.
