Sui remains under pressure near $0.96 as its technical outlook continues to weaken. The upcoming launch of the Grayscale Sui Staking ETF on Wednesday will give investors exposure to the Sui Network’s native token. However, subdued retail participation — with futures Open Interest hovering just above $500 million — could restrain any meaningful breakout attempt.
Sui (SUI) has extended its decline for a second straight session, trading around $0.95 at the time of writing on Wednesday. The Layer-1 token has dropped more than 16% in February and is down roughly 34% year-to-date, mirroring the broader bearish tone across the crypto market.
Technically, Sui risks prolonging its downtrend amid weak retail engagement. While support at $0.87 remains intact for now, a decisive break below this level could open the door for a pullback toward the $0.79 demand zone.
Grayscale’s Sui Staking ETF begins trading
Grayscale Investments has confirmed the launch of its Sui Staking Exchange-Traded Fund (ETF), set to start trading Wednesday. The fund is listed on NYSE Arca under the ticker GSUI, following the conversion of the former Grayscale Sui Trust. The ETF is expected to hold SUI tokens and incorporate staking.
According to Grayscale, while purchasing shares does not constitute direct ownership of SUI, the product is structured to offer a cost-efficient and accessible way for investors to gain exposure to the token.
The Bank of New York Mellon will act as the trust’s transfer agent and administrator. Coinbase, Inc. will serve as prime broker, while Coinbase Custody Trust Company will function as custodian.
Investors can purchase shares only in creation blocks of 10,000 units or more.
Despite the ETF debut, retail demand for Sui remains muted. Futures Open Interest has slipped to $512 million on Wednesday from $554 million on Sunday, signaling limited appetite for new positions. The stagnation suggests traders remain unconvinced about the token’s ability to sustain a meaningful recovery, opting instead to scale back exposure.
Technical outlook: Sui’s downtrend remains intact
Sui is trading around $0.95, still capped below the declining 50-day Exponential Moving Average (EMA) at $1.28, maintaining a bearish medium-term outlook. The 100-day EMA at $1.58 and the 200-day EMA at $2.02 are also trending lower, continuing to limit recovery attempts.
On the daily chart, the Relative Strength Index (RSI) sits at 36, below the neutral 50 level, signaling persistent weakness. A sustained pickup in buying pressure could help improve momentum. However, if the RSI drifts further into oversold territory, the decline may accelerate toward support near $0.78 — in line with the February 6 low.
A decisive break above descending trendline resistance would create scope for a move toward the 100-day EMA at $1.58. Conversely, failure to extend any rebound would leave the broader downtrend firmly in control.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram has turned positive and is gradually expanding, showing the MACD line above the signal line near the zero threshold — an early sign of strengthening momentum. The Parabolic SAR, positioned at $0.86 below the current price, also suggests a tentative stabilization attempt.
Sources: John Isige
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