The U.S. Securities and Exchange Commission has delayed its decision on the proposed Canary SUI exchange-traded fund, triggering renewed bearish sentiment around the SUI token.
The token has slipped 2.7% over the past 24 hours to trade at $3.18, extending a pullback that began after its May 22 local high of $4.02. Sui (SUI) is now 40% below its all-time high of $5.35 from January. The latest setback comes after the SEC announced a delay in its decision regarding the proposed Canary SUI ETF, a product that would offer regulated exposure to the Sui token
The SEC, in a June 4 filing, said it would take more time to review the ETF application submitted by Cboe BZX Exchange, which seeks approval for a fund offering direct exposure to SUI. A decision is now expected to be made by July 24, 2025.
Even though such delays are common in the ETF review process, they often negatively impact sentiment, especially at a time when market confidence is already strained.
Over the past week, SUI has fluctuated between $3.10 and $3.71, with buyers showing little conviction. The latest delay has added to the uncertainty, dampening hopes of near-term institutional inflows through a regulated investment vehicle.
From a technical perspective, the outlook remains bearish. SUI is trading well below its key short-term moving averages, including the 10-day and 20-day EMAs, which now act as dynamic resistance zones. The price has been struggling to stay above the lower Bollinger Band, a sign that downside volatility may still be present.
Momentum indicators reflect a market lacking clear direction. The relative strength index, which is currently at 39, indicates that there is still some buying interest but that the market is not completely oversold. Meanwhile, the MACD has crossed below the signal line, confirming negative trend momentum.
SUI may easily drop to $3.00 if it is unable to hold the $3.10 support. If overall market conditions continue to be weak, there is also a chance that it may move further toward the $2.90 area. Bulls must regain the $3.50–$3.60 range, where several moving averages currently cluster, for a true recovery.
If the price closes above $3.70, it may mean that buyers are taking back control and that there is room for growth toward $4.00.
