The price of SUI, the native token of the Sui blockchain, is under scrutiny after trading at $3.46, significantly below its recent peak of $4.18. However, optimism is building due to key developments, including overwhelming community approval of the CETUS recovery plan and increasing speculation about a potential SUI ETF.
CETUS Recovery Vote Shifts Sentiment
SUI’s price drop coincided with a major security exploit on the CETUS protocol, leading to the theft of $223 million worth of digital assets. Approximately $162 million of this amount has been frozen through collaborative efforts involving validators and security teams.
This incident initially cast a negative shadow over the SUI ecosystem, eroding investor confidence and pushing the token down to a low of $3.32. However, sentiment began to shift after CETUS announced that its community approved a formal recovery plan. More than 90% of validators and stakers voted in favor of returning the frozen funds to affected users.
The swift community response and coordinated mitigation efforts have helped restore some level of trust in the protocol, limiting negative pressure on SUI. This was reflected in price action, which remained above the 50-day exponential moving average (EMA) despite the hack. Technical indicators now suggest the formation of a bullish flag, often seen as a signal for continuation, further reinforcing the potential for a rebound.
ETF Demand Fuels Rebound Prospects
Alongside recovery at the protocol level, market optimism is buoyed by growing speculation around a potential SUI spot ETF. 21Shares recently partnered with Canary to submit applications, adding legitimacy to the push for broader institutional access to altcoins like SUI.
If approved, a spot ETF would allow regulated investment products to hold private capital directly, paving the way for institutional funds and potentially boosting liquidity and price stability.
While the U.S. Securities and Exchange Commission (SEC), chaired by Paul Atkins, has yet to approve any altcoin ETFs, analysts anticipate decisions on a series of applications—including those for Litecoin (LTC), XRP, and Cardano (ADA)—by the end of the year. This renewed interest in exchange-traded vehicles has placed SUI on the radar of institutional investors.
A tweet by popular crypto analyst Crypto Bullet highlighted that the token could be “primed for a parabolic move” that might push it above $10 by June. According to the analyst, SUI has completed a Wave 2 correction and is now entering a potential Wave 3 rally phase.
Analysts Forecast New Tests for SUI Price
Despite the recent correction, market players are not ruling out a strong rebound. Technical analysis points to resistance levels at $3.945 and $4.8587, with the potential to retest the previous all-time high of $5.3700 if momentum continues.
If ETF speculation remains strong and CETUS successfully executes its funds retrieval plan, breaking above these levels could send SUI into the double digits. However, any upward movement will likely depend on the evolution of broader macroeconomic and regulatory conditions, especially given the current geopolitical tensions influencing global digital asset markets.
As it stands, SUI continues to oscillate below $3.50, but a convergence of fundamental recovery and technical signals could provide the spark needed for its next upward move.
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