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SUI cryptocurrency has formed a bullish technical pattern suggesting possible 100% gains in coming weeks. The digital asset recently reclaimed its "Gooner EMA" support zone between $3.34-$3.59 on weekly charts, a key indicator developed by analyst NebraskanGooner. This technical recovery follows a brief dip after Cetus DEX——a Sui-based exchange——suffered a $200 million exploit earlier this month.
Market observers note the Gooner EMA's 11- and 22-period moving averages historically precede major price movements. Current chart patterns suggest SUI could retest its all-time high of $5.36, representing 40% upside from current levels. Fibonacci extensions indicate an even more ambitious target of $7.56 if bullish momentum continues.
The technical outlook coincides with Nasdaq's May 21 filing for a SUI exchange-traded fund with the SEC. While approval remains uncertain, the move mirrors 21Shares' existing European SUI ETP which has seen 【350%】 price growth since its July 2023 launch. CoinShares data reveals SUI-based products now hold $317.2 million in assets, with $2.9 million inflows recorded May 16-24.
——This institutional interest creates a fundamentally different demand profile for SUI—— noted one Amsterdam-based trader. The cryptocurrency currently ranks fifth in ETP inflows behind only Bitcoin, Ethereum, Solana and XRP.
SUI's rebound demonstrates resilience after the Cetus protocol exploit temporarily shook investor confidence. Validators are currently voting on a $162 million recovery plan to restore user funds. Technical analysts emphasize the importance of maintaining support above the Gooner EMA range, which could determine whether SUI challenges previous highs or faces renewed pressure.
As the SEC reviews the ETF application, market participants await potential catalysts. The combination of technical strength and growing institutional interest positions SUI uniquely among altcoins, though regulatory uncertainty remains the critical variable. Trading volume has increased 18% since the Nasdaq filing, suggesting growing market conviction in SUI's mid-term prospects.