SUI surges 19% in three days, Bitwise ETF target directly aiming at $3.4

Bitwise’s ETF application has become SUI’s recent “catalyst.” On December 31, this well-known asset management firm submitted applications for 11 cryptocurrency ETFs, with SUI prominently listed. Following the announcement, SUI surged nearly 19% over three days, boosting market attention on this project. As of now, SUI is priced at $1.69, with both technical and fundamental indicators signaling positive momentum.

ETF Expectations Spark Altcoin Rotation

The direct trigger for this rally is quite clear—the move by Bitwise to apply for ETFs opened up market imagination. But the deeper reason lies in changes to the market structure. According to the latest news, since December 30, although Bitcoin has repeatedly tested the $90,000 resistance level, its market share has noticeably declined, with funds beginning to flow into the altcoin sector. As a mid-to-high market cap token, SUI has become one of the main beneficiaries of this rotation.

In terms of market position, SUI currently ranks 18th in cryptocurrency market capitalization, with a market cap of $641 million. More notably, the trading volume on SUI’s on-chain DEX has surpassed $190 billion, indicating ongoing growth in ecosystem activity. This fundamental support resonates well with ETF expectations.

Technical Indicators Show Bullish Signals Strengthening

Technical analysis in the quick report provides further supporting evidence. On the weekly chart, SUI has broken through the key resistance at $1.68 and is currently in a rebound structure. If the weekly close can stay above $1.79, it will be seen as an important signal that bulls are regaining control.

The daily chart also shows a strengthening trend. The previous high of $1.68 in the consolidation zone has been broken, and the price is now trading above that range. Once the daily closes firmly above this level, the previous high will turn into support, further reinforcing bullish sentiment.

From the indicator perspective, OBV has begun to rise slowly, indicating ongoing capital inflow; the Awesome Oscillator has generated a bullish crossover, suggesting increasing momentum. These are typical bullish features.

Key Price Levels and Risks

Based on the quick analysis, $3.40 is the market’s main expected target driven by ETF anticipation, relative strength of altcoins, and technical improvements.

Key Observations on Recent Trends

From the data, SUI’s performance has been impressive—up 16.56% over 7 days and 4.28% in the past 24 hours. This indicates increasing sustainability in the rally, not just emotional trading.

In the short term, as long as the key support at $1.79 holds, SUI has the potential to continue upward. After breaking through, trading with the trend and focusing on the $3.40 target is a relatively safe strategy.

However, it’s important to note that altcoins tend to be more volatile than mainstream coins. While ETF expectations are bullish, regulatory approval still takes time. Until then, prices may test support levels repeatedly.

Summary

SUI’s recent rally is supported by three main factors: first, the direct catalyst of Bitwise ETF application; second, the structural shift of funds from BTC to altcoins; third, clear technical improvement signals. The $3.40 target is not arbitrary but based on Fibonacci retracement and ETF expectations.

The most critical points now are whether the weekly chart can stay above $1.79 and whether the daily chart can confirm support at $1.68. If these conditions are met, the subsequent upside potential becomes clearer. However, for those chasing the high, risk management remains essential, as ETF approval still carries uncertainty.