Sui and Avalanche surge as CME futures launch boosts crypto rally

The cryptocurrency market has been bullish over the past few hours, with Sui (SUI) and Avalanche (AVAX) leading the way.

The two coins are up by nearly 10% over the past 24 hours, making them one of the best performers among the top performers in the market. 

SUI is currently trading at $0.95 per coin, up by 10% since Tuesday.

The positive performance comes after the Chicago Mercantile Exchange (CME) Group announced on Tuesday that it will launch SUI and AVAX futures in early May.

Furthermore, the easing geopolitical tensions between the US and Iran following the announcement of a two-week ceasefire continue to support broader crypto market sentiment, further fueling SUI’s upward momentum.

CME Group to launch Sui futures in May

SUI is currently in the green thanks to two macroeconomic events.

Risk sentiment across markets improved following news that the US and Iran brokered a two-week ceasefire and agreed to enter negotiations on April 10.

This paves the way for lasting peace in the Middle East and the resumption of Gulf oil and gas exports through the vital Strait of Hormuz.

The easing of geopolitical tensions in the prolonged Middle East war supports broader crypto market sentiment, with Bitcoin, Ether, and SUI all recording healthy gains over the past 24 hours. 

In addition to that, CME Group announced on Tuesday that it will list SUI futures beginning May 4, providing CFTC-regulated access for institutional and large-scale investors seeking exposure to the Sui ecosystem. 

The announcement contributed to SUI’s rally as it brings regulated, institutional-grade access to Sui’s ecosystem for institutional investors, asset managers, and hedge funds.

The launch will boost exposure, liquidity, and credibility for the token. 

Currently, CryptoQuant’s summary data also supports a bullish outlook for SUI’s spot and futures markets. 

SUI eyes $1.0 psychological level

The SUI/USD 4-hour chart is bearish and efficient despite the recent rally.

The coin hit the $0.9779 level earlier today but is facing rejection from the 4-hour resistance level, which coincides with its 50-day EMA. 

SUI has slightly dipped and is now trading just below $0.95, but could rally higher in the near term. 

The Relative Strength Index (RSI) on the 4-hour chart reads 68, indicating a growing bullish momentum.

Meanwhile, the Moving Average Convergence Divergence (MACD) line has crossed above the signal line and turned positive, suggesting buying pressure is rebuilding.

If the buying pressure persists, SUI would encounter immediate resistance at $1.07.

A daily candle close above this level would open the way toward the next major resistance at $1.26. 

However, if the 50-day EMA resistance holds, SUI could record further losses, with immediate support found at the $0.87 region.

A dip below this level could expose other support areas at $0.83 and $0.79 in the near term. 

Currently, the market bias has switched bullish and this could see SUI and other major cryptocurrencies record gains in the near term.