Sui Price Prediction: What Really Happened to SUI After the $223 Million Cetus Protocol Hack?

Jakarta, Pintu News – According to Coinpedia (23/5), the price of Sui (SUI) was again rejected at the resistance level of around $4.18 amid the ongoing bullish trend in the crypto market in general.

The large-cap altcoin, with a fully diluted valuation of around $39 billion and a 24-hour average trading volume of around $3.6 billion, fell nearly 10 percent on Thursday and was trading around $3.9 at the end of the trading session in North America.

Sui’s price underperformed compared to the broader altcoin market, which followed Bitcoin’s (BTC) price gains in the past 24 hours.

Sui Ecosystem Struck by Cetus Protocol Hack

The Sui ecosystem suffered one of the worst attacks since its inception on Thursday, May 22.

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Cetus Protocol, a leading DEX and liquidity aggregator on the Sui network, reported that a hacker managed to steal $223 million in funds by manipulating liquidity contracts.

Network validators acted quickly by temporarily suspending $162 million of the stolen funds to compensate Cetus Protocol users.

Meanwhile, the hackers have moved the remaining funds to the Ethereum (ETH) network, which is currently worth more than $60 million.

Following the attack, several Sui-based tokens such as CETUS, LOFI, and Alpha Fi (ALPHA) plummeted by more than 20 percent. This liquidity drain triggered widespread panic that caused many users to switch to other networks.

Short Term Targets for SUI Price

Sui’s price indicates macro bullish sentiment after the broader crypto market rebound since April.

In the four-hour time frame, SUI prices were rejected at resistance levels around $4.18, signaling a potential short-term correction towards $3.6.

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However, if the SUI price bounces back from the current level and manages to break above $4.18, the next target would be around $5.03.

The bullish sentiment for SUI prices remains strong as the daily MACD line continues to rise above the Zero line, accompanied by an increase in the histogram.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. Sui Price Forecast: What Next After the $223M Cetus Protocol Exploit? Accessed on May 23, 2025