SUI (SUI) rebounded forcefully on Thursday, rising to $3.78 from $3.52 in just five hours, after slumping 8% during the U.S. night.

The token had dropped from $3.82 starting around 11 p.m. ET before bottoming out at 3 a.m. ET. At that point, trading volume swelled to 35.4 million. That's more than double its 24-hour average turnover, hinting at concentrated buying interest.

That bounce carried the token close to its previous high, suggesting large market participants were accumulating during dips, though price action remains choppy.

The comeback follows movement on the regulatory front. On Wednesday, the U.S. Securities and Exchange Commission moved Canary Capital’s spot SUI exchange-traded fund proposal to the “institution of proceedings” phase. The same day, 21Shares submitted paperwork for its own SUI ETF product.

These developments mark tentative but real steps toward mainstreaming the token, potentially widening access to investors who prefer regulated vehicles.

Still, traders may want to watch whether this latest price action turns into a sustained trend. The $3.82 mark now looks like a resistance level, according to CoinDesk Research's technical analysis model. Early sellers have stepped in and the token is still caught in a broader consolidation range.

SUI was recently down 0.42% in the past 24 hours. The broader market, measured by the CoinDesk 20 Index, is off by roughly 1%.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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