#SuiEcosystemHacked
SUI Price Rejected at Key Resistance
The price of Sui (SUI) faced rejection at the $4.18 resistance level, despite a broadly bullish crypto market. The large-cap altcoin, with a fully diluted valuation of approximately $39 billion and a 24-hour trading volume near $3.6 billion, fell nearly 10% on Thursday to around $3.90 in late North American trading.
Cetus Protocol Hack Hits Sui Ecosystem
On May 22, the Sui network suffered a significant security breach. Cetus Protocol, a major DEX and liquidity aggregator on Sui, reported a $223 million exploit involving manipulated liquidity contracts. Validators swiftly intervened, freezing $162 million to reimburse users. However, the attacker bridged over $60 million to the Ethereum network.
Short-Term Outlook and Price Targets
SUI maintains a macro bullish structure supported by the wider market rally since April. The recent rejection at $4.18 suggests a possible short-term pullback to $3.60. However, a successful breakout above $4.18 could set the stage for a rally toward $5.03. Technical indicators, including the rising daily MACD above the zero line, favor continued bullish momentum.