SEC Delays Canary SUI ETF Decision, SUI Token Plunges!

SUI Takes a Hit as Regulators Drag Their Feet

The U.S. Securities and Exchange Commission just threw a wrench in the works, delaying their decision on the proposed Canary SUI exchange-traded fund. This bombshell has reignited bearish vibes around the SUI token, sending it tumbling!

Over the last 24 hours, SUI has nosedived 2.7%, now trading at a measly $3.18. It's been on a downward spiral since hitting a local peak of $4.02 on May 22. Sui (SUI) is now a whopping 40% off its all-time high of $5.35 from January. Talk about a rollercoaster! The latest drama kicked off after the SEC dropped the news of pushing back their decision on the Canary SUI ETF—a product that was supposed to bring some legit exposure to the Sui token.

In a June 4 filing, the SEC announced they need more time to chew over the ETF application from Cboe BZX Exchange, who's gunning for a fund that dives straight into SUI. Now, we're looking at a decision date pushed out to July 24, 2025. Can you believe that?

Yeah, these delays happen all the time in the ETF game, but they sure don't help the mood, especially when the market's already on edge.

SUI's been all over the place the past week, bouncing between $3.10 and $3.71. Buyers just aren't feeling it. This latest delay? It's just thrown more uncertainty into the mix, crushing any hopes of quick institutional cash flowing in through a slick, regulated vehicle.

From a tech standpoint, things are looking grim. SUI's way under its key short-term moving averages—the 10-day and 20-day EMAs are now acting like brick walls of resistance. The price can't even stay above the lower Bollinger Band, hinting that more wild swings could be coming.

The momentum indicators are all over the place, showing a market that can't decide which way to go. The relative strength index is sitting at 39, suggesting there's still some buying interest but it's not exactly a fire sale. And the MACD? It's crossed below the signal line, screaming negative momentum.

SUI could easily crash to $3.00 if it can't cling onto the $3.10 support. If the market keeps tanking, we might even see it slide down to $2.90. For a real comeback, bulls need to bust through the $3.50–$3.60 range—that's where all the moving averages are hanging out.

But hey, if the price closes above $3.70, it might signal that buyers are back in the game, ready to push it towards $4.00.