Date: Wed, March 05, 2025 | 04:10 AM GMT
The cryptocurrency market has been experiencing a significant correction since the impressive rally in November 2024. This broad market downturn has led Bitcoin (BTC) to retrace from its all-time high of $109K to its current level of $87K, weighing heavily on altcoins as well.
Among those hit hardest is Sui (SUI), the layer-1 blockchain project that saw remarkable gains in late 2024. However, over the past 60 days, SUI has undergone a steep 49% correction, falling from its all-time high (ATH) of $5.36 to its current price of $2.47.
Co-Founder Drops Major Hint: ETF Incoming?
Despite the ongoing volatility, a tweet from SUI co-founder Adeniyi Abiodun has sparked fresh speculation in the community. In his today’s post, Abiodun cryptically stated:
“Yes, ETF(s) soon.”
This statement has fueled expectations that SUI could soon have its exchange-traded fund (ETF), potentially bringing institutional interest into the project. If such a development materializes, it could act as a major catalyst for SUI’s price rally.
Hits Key Demand Zone – Rebound in Sight?
From a technical standpoint, SUI’s decline has followed a clear trajectory. The breakdown from the ascending channel and loss of the 50-day moving average (50MA) at $4.50 on January 23 triggered a strong downtrend. This led to a near 50% correction, pushing SUI to its current range of $2.21–$2.44, which now acts as a key demand zone (previously a strong resistance level, now turned into support).
Currently, SUI is trading at $2.47, showing resilience after testing a low of $2.27. If this demand zone holds, a potential rebound could be in play. A successful bounce could see SUI reclaiming the 200-day moving average (200MA), a key level that could confirm the start of a recovery rally.
What’s Next?
If SUI manages to sustain support in the $2.21–$2.44 range, bullish momentum could build up, leading to a retest of the 200MA and ultimately the 50MA resistance. If buyers step in and volume increases, we could see a move toward $3.26–$3.73 in the short term.
However, if this support fails, SUI could face further downside toward $1.80 or below, extending the correction.
With potential ETF news in the air and SUI hitting a historically significant demand zone, all eyes are on whether this level will trigger a strong rebound or another leg down.
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