Sui price is showing strong bullish momentum after the SEC approved the first-ever 2X leveraged SUI ETF, TXXS. Currently, SOL price is hovering above the $1.60 mark, and SUI looks poised to break past the $2 threshold. The price had increased by 8% in the last week, led by the consistent recovery in the last two days. This has made it optimistic to the growth of prices.
SEC Approves First Leveraged Sui ETF, Set for Nasdaq Launch
The SEC has approved the first leveraged Sui ETF, marking a significant milestone in the crypto market. The ETF is 2x exposed to Sui, a Layer 1 blockchain, issued by 21Shares and will be listed on Nasdaq.
The product, which is called TXXS, provides the investor with a chance to enjoy leveraged returns with derivatives to increase exposure to the performance of Sui. The approval is a milestone to Sui as it will give them a regulated access to the cryptocurrency in the U.S. market.
Its unique and leveraged structure gives the investors the opportunity to enjoy amplified returns using traditional brokerage accounts. Such approval is also an indication that the regulators are welcoming the innovation of new products based on crypto in the U.S.
This approval is even more significant considering that the SEC has set other leveraged ETF proposal evaluations to the back burner. This new product reflects the rising popularity of blockchain technology and the rising popularity of crypto ETFs in the American financial market.
Sui Records 28.2% Growth in Transactions
Sui Network has been performing exceptionally of late, and in the last three months, it has seen a significant growth in daily transactions by 28.2%. This upsurge has seen it rise to the upper hand over other blockchain projects such as Polygon, Arbitrum, and Aptos.
At the present time, Sui is the leader in terms of transaction growth, revealing its increasing adoption and the increase in the number of users. In the meantime, Aptos and Near projects have experienced decreases in the number of transactions.
Is Sui Price Ready for a Bullish Breakout in December?
As of the reporting, the SUI price surged to $1.67 after a brief rebound. The cryptocurrency has recorded a significant rise since its lows, and the SUI demonstrated a positive trend.
Source: SUI/USD 4-hour chart: TradingviewThe Chaikin Money Flow (CMF) stands at 0.09, which implies the buying pressure as the market mood improves. Moreover, the MACD (Moving Average Convergence Divergence) has crossed over to positive, and the MACD line (blue) is above the signal line. This shows rising upward movement in bullishness.
The Sui long-term prediction is currently approaching key resistance levels near the $1.80 and $2.00 marks. In case the coin is able to push past these resistance areas, the coin may experience further upsurge to the $2.20 area
On the negative, the support at around $1.60 and $1.50 will be a safety net in case of any major drop in prices, in case the market experiences a pullback.
Source: https://coingape.com/markets/sui-price-eyes-2-as-sec-approves-first-2x-leveraged-sui-etf/
