Latest news with #SUI
Yahoo
a day ago
- Business
- Yahoo
SUI Plunges 6% Overnight Before Buyers Step in at $3.40 Support
The cryptocurrency market faces headwinds as geopolitical tensions and security concerns weigh on investor sentiment. SUI's sharp overnight decline coincides with broader market uncertainty, though strong buyer interest emerged at support levels around $3.40-$3.42. Meanwhile, the Sui community has rallied behind Cetus Protocol's recovery efforts following its recent hack, with validators overwhelmingly approving a plan to return frozen funds to affected users. SUI-USD dropped precipitously from $3.59 to a low of $3.38 during the midnight hour with extraordinary volume (24.8M) - more than triple the average hourly trading activity. The overall range of $0.225 (6.25%) demonstrates substantial market uncertainty, with price finding support at $3.40-$3.42 on high volume, suggesting strong buyer interest at these levels. Following the sharp decline, SUI has established a recovery pattern, forming an ascending channel with resistance around $3.50, though momentum appears to be waning as evidenced by the recent rejection at $3.48 with increasing selling pressure. Price action formed a descending channel from $3.48 to a low of $3.42, with notable support emerging at $3.43. Volume spiked dramatically at 14:00, reaching 545,865 units—nearly 4x the hourly average—coinciding with a strong bounce from $3.43 to $3.44. The subsequent rejection at $3.44 and retracement to $3.43 suggests the formation of a potential range-bound pattern, with immediate resistance at $3.44 and support at $3.43, indicating market indecision following the earlier sharp decline.
Yahoo
a day ago
- Business
- Yahoo
SUI Plunges 9% Amid Flash Crash and Extraordinary Selling Volume
SUI plummeted 9.25% from $3.72 to $3.38, with heaviest selling during midnight hours UTC on volume 78% higher than daily average The recent correction comes amid broader geopolitical tensions affecting cryptocurrency markets globally. While Bitcoin has shown resilience above critical resistance zones, SUI has faced downward pressure despite strong fundamentals. The Cetus Protocol exploit that resulted in $223 million in stolen assets (with $162 million frozen) has created uncertainty, though the Sui community appears poised to approve a recovery plan with 71% of validators already voting "yes" to return the frozen funds. SUI-USD dropped from a high of $3.728 to a low of $3.383, representing a 9.25% correction. Strongest selling pressure occurred during the midnight hour (00:00) with 4.0% price drop on 78% higher-than-average volume. Strong resistance established at $3.55 level. Recovery attempts visible at $3.42 support with above-average volume during 01:00-02:00 period. Lower highs forming a descending trendline, indicating continued bearish pressure. Flash crash occurred between 09:37-09:38, with price plummeting from $3.45 to $3.40. Extraordinary volume of 4.3 million units recorded during the flash crash. V-shaped reversal pattern formed, reclaiming approximately 60% of losses. Price stabilization around $3.43-$3.44 range. Key support at $3.40 showing substantial buying interest across multiple timeframes. New resistance formed at $3.45-$3.46, creating a consolidation range. Diminishing selling pressure suggests potential near-term stabilization.
Yahoo
a day ago
- Business
- Yahoo
SUI Price Prediction - What could affect SUI's future price?
Sui price prediction remains mixed as bearish pressure from a major exploit recovery and upcoming token unlocks weighs on sentiment, while bullish momentum builds from ecosystem expansion and growing institutional adoption. - Cetus DEX exploit ($223M stolen) weighs on sentiment but community recovery efforts mitigate damage - June token unlocks ($206M) risk increasing selling pressure - Technical indicators show weakening momentum near key $3.40 support. - BTCFi growth and ETF filings signal long-term institutional interest Sui faces sector-wide headwinds with crypto's Fear & Greed Index at 61 (Greed) and altcoins underperforming Bitcoin. However, its BTCFi sector now holds $300M in BTC, positioning Sui as a Bitcoin DeFi hub. Competitors like Solana and Aptos also face June unlocks, creating sector-wide liquidity tests. The May 22 Cetus Protocol exploit temporarily crushed SUI's price (-8%) and ecosystem tokens, but 90% validator approval for frozen asset recovery demonstrates crisis-response capability that could rebuild trust. MACD: Bearish crossover with histogram at -0.0798 RSI: Neutral at 47.09 (14-day) but below equilibrium Key Levels: Immediate support at $3.40 (200-day SMA + Fibonacci 61.8%). Break below risks test of $3.14 swing low Volume: 19% spike during May 30 flash crash shows vulnerability to whale moves The descending channel from May highs suggests resistance at $3.72-$3.88 needs to break for bullish reversal. June 2 Token Unlock: 58.35M SUI ($206M) enters circulation - equivalent to 1.75% of market cap ETF Developments: 21Shares/Nasdaq ETF filing under SEC review until Jan 2026 Mysticeti v2 Upgrade: Faster transaction finality could boost DeFi activity post-recovery Institutional Partnerships: Microsoft Fabric integration via Space and Time expands developer access Sui's price trajectory hinges on whether ecosystem growth outpaces unlock-driven selling and exploit fallout. The $3.40 support level and Cetus' recovery timeline (targeting full relaunch by June 6) are critical watchpoints. Will Sui's BTCFi momentum attract enough capital to offset June's $2.7B sector-wide unlock pressure? Sui price prediction is mixed, as bullish optimism driven by tech upgrades and institutional adoption contrasts with bearish concerns over centralization debates following the recent hack. Volatile price action reflects the market's uncertainty about SUI's short- to mid-term trajectory. - Ecosystem growth (BTCfi dominance, DeFi TVL ATH, institutional ETF filings) fuels bullish narratives. - Cetus Protocol hack ($223M exploit) sparks debates on Sui's decentralization and validator control. - Price volatility persists (-8% post-hack, +239% YoY) amid conflicting technical and fundamental signals. Bullish drivers dominate long-term sentiment:- Institutional adoption: Nasdaq/21Shares ETF filings, Athens Stock Exchange pilots, and Fireblocks custody support.- Tech momentum: Mysticeti v2 (faster consensus), Move VM 2.0 (30–65% speed boost), and Walrus storage protocol (725 TB filled).- DeFi growth: TVL hit $2.06B (+70% MoM), led by Suilend ($675M) and Cetus ($235M). Bearish pressures stem from short-term risks:- Cetus hack fallout: $SUI dropped 8% on May 22 after $223M exploit, though 90% of frozen funds are set for recovery.- Centralization critiques: Validators' ability to freeze assets triggered debates, with critics calling Sui 'a database with extra steps'. BTCfi expansion:- 10% of Sui's TVL now tied to Bitcoin DeFi via protocols like Babylon and Lombard, positioning it as a BTCfi hub. Gaming/social traction:- RECRDapp (1M daily users) and SuiPlay0X1 device (70+ games) drive adoption, with Parasol's Pokémon HOME integration sparking speculation. Regulatory tailwinds:- SEC progress on altcoin ETFs (75% approval odds per Bloomberg) and the GENIUS Act's stablecoin rules could benefit Sui's institutional pipeline. Sui's narrative hinges on balancing rapid ecosystem growth against post-hack trust rebuilding. While technical upgrades and BTCfi adoption suggest long-term upside, June's $206M token unlock and lingering centralization concerns could pressure prices near-term. Watch this: Will Sui's validator-led asset freeze set a precedent for centralized crisis management in 'decentralized' ecosystems? To get the latest update on SUI, visit our SUI currency page. Content created: 30th May 2025 Disclaimer: Content generated by CMC AI. CMC AI can make mistakes, please DYOR. Not financial advice.
Crypto Insight
2 days ago
- Business
- Crypto Insight
SUI price chart hints at 2x rally amid Nasdaq ETF filing
Sui is making a strong technical case for a 100% price rally in the coming weeks, helped further by a slew of optimistic updates, such as the recent Nasdaq ETF filing with the US Securities and Exchange Commission (SEC). Gooner EMA support raises 40% SUI bounce potential As of May 28, SUI has reclaimed the 'Gooner EMA' as support on the weekly chart. Gooner EMA is a technical indicator created by trader NebraskanGooner that uses the 11- and 22-period exponential moving averages (EMA). When the price crosses above the EMA range, it often leads to further gains. When the price closes below the EMA range, it tends to follow deeper losses. SUI lost this support, roughly between $3.34 and $3.59, last week after a $200 million exploit hit Cetus, a decentralized exchange built on the Sui blockchain. Now that SUI has reclaimed the zone, bullish sentiment is returning, according to NebraskanGooner. He wrote: 'As long as it can hold Gooner EMA support, it can retest ATHs. Depending on market conditions — it even has a chance for a new ATH.' SUI's current record high is around $5.36, roughly 40% above the current prices. Fibonacci retracement levels and SUI's prevailing ascending channel setup project $7.56 as the new record-high target, up over 100% from the current levels. Nasdaq files for SUI ETF NebraskanGooner's bullish outlook for SUI appears almost a week after Nasdaq's SUI ETF application with the US Securities and Exchange Commission (SEC). 21Shares already offers a Sui exchange-traded product (ETP) in Europe, listed on both Euronext Paris and Euronext Amsterdam. Since its launch in July last year, SUI's price has surged by over 350%. These listings have also helped boost total assets under management (AUM) in SUI-based ETPs to $317.2 million, according to a May 26 report from CoinShares. Between May 16 and May 24 alone, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin, Ether, Solana and XRP in terms of net assets. The regulatory approval for Nasdaq's SUI ETF remains uncertain, akin to most crypto ETF applications. Source:
Yahoo
3 days ago
- Business
- Yahoo
Sui Network Steps in to Compensate Cetus Losses in Full After $223M Exploit
Cetus Protocol, the largest decentralized exchange (DEX) on the Sui blockchain, has secured a loan from the Sui Foundation to compensate users in full following a $223 million exploit last week. These funds apply only to cover the bridged assets, and are separate from the frozen funds subject to an onchain community vote. 'Using our cash and token treasuries, we are now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote,' Cetus said in an X post. 'This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible.' The recovery plan hinges partly on the outcome of a pending on-chain governance proposal, which would authorize the use of frozen funds to complete user reimbursements. 'These are extraordinary measures taken to protect the Sui community,' the Sui Foundation said in a statement, adding that a 'full recovery is possible' with the community's support. The exploit of Cetus last week involved an attacker manipulating spoof tokens, such as BULLA, to exploit flawed price curves and reserve logic, allowing them to drain SUI, USDC, and other real assets from liquidity pools without depositing equivalent value. At the time, over $162 million in stolen tokens were frozen on-chain, while the remainder were bridged out through multiple paths. The attacker's wallet (which is still active) was last seen holding over 12.9 million SUI, with additional assets likely swapped or obfuscated across networks. In response, Cetus paused its smart contracts and initiated an investigation, while its governance token, CETUS, dropped nearly 40% at the time. Trading activity across Sui's DeFi ecosystem slowed amid liquidity concerns and broader scrutiny of protocol safety. Now, with the new secured loan from the Sui Foundation, Cetus says it is in a position to begin reimbursing users immediately.
