The SUI price chart suggests a doubling in the context of Nasdaq filing for an ETF.

Sui is signaling a strong technical potential for a 100% bullish move in the coming weeks, further supported by a series of positive updates, such as Nasdaq's recent ETF filing with the Securities and Exchange Commission America (SEC).

Support from the EMA line increases the likelihood of SUI bouncing back by 40%

As of May 28, SUI has regained the "Gooner EMA" as a support area on the weekly chart.

! Weekly SUI Price Chart | Source: NebraskanGooner/TradingViewThe Gooner EMA is a technical indicator created by NebraskanGooner traders that uses two (EMA) 11- and 22-period exponential moving averages. When the price breaks above this EMA area, it usually leads to further rallies.

On the contrary, when the price closes below the EMA zone, the trend is usually more bearish.

Last week, SUI lost the support zone Gooner EMA ( fluctuating around $3.34 to $3.59 ) after the exploit incident ( that exploited $200 million on Cetus — a decentralized exchange built on the Sui blockchain.

However, currently SUI has reclaimed this support area and the market sentiment is turning positive again, according to the assessment of NebraskanGooner.

"As long as the price maintains support from the Gooner EMA, SUI can retest ATH. Depending on market conditions — there is even a chance of forming a new peak."

The current historical high of SUI is around $5.35, which is approximately 31% higher than the current price.

Based on the Fibonacci retracement levels and the current upward channel pattern, the new price target for SUI is predicted to be $7.56 — equivalent to a gain of over 100% from the current price.

![SUI ])https://img.gateio.im/social/moments-9a37438030d0d67d80f01d2ac8ff0d3b(Daily SUI price chart | Source: TradingView## Nasdaq files for SUI ETF

The bullish outlook of NebraskanGooner for SUI comes nearly a week after the Nasdaq filed for SEC approval of the SUI ETF with the Securities and Exchange Commission.

Currently, 21Shares has provided the Sui ETP product in Europe, listed on both Euronext Paris and Euronext Amsterdam.

Since its launch in July last year, the price of SUI has increased by over 350%.

![SUI ])https://img.gateio.im/social/moments-615ef992c29c39a38f6b248ca19b1b6d(SUI price chart for 3 days | Source: TradingViewAccording to a report on May 26 from CoinShares, SUI ETP products are currently managing total assets )AUM( of up to 317.2 million dollars, thanks to being listed on major exchanges.

In just the period from May 16 to May 24, SUI products attracted inflows of up to $2.9 million, ranking just behind Bitcoin, ETH, SOL, and XRP in terms of net asset value.

However, the approval of the SUI ETF by Nasdaq is still uncertain, similar to most other ETF applications related to cryptocurrencies.

Minh Anh