SUI, the native token of the Sui Network, has entered a downward trend after failing to sustain its recent breakout above the $4 mark. Over the past week, the token has shed more than 7%, despite a modest 1.3% recovery in the last 24 hours.
š» From Breakout to Breakdown ā The Pullback After $4
In May 2025, SUI briefly surged past the psychological barrier of $4, but the rally quickly fizzled out. At the time of writing, SUI was trading at $3.32, slightly up from a recent low of $3.07.
That price represents a steep decline of nearly 20% from the monthly high of $4.14, and more than 37% down from the all-time high of $5.30.
š„ Cetus Attack and Falling TVL Shake Confidence
A major contributor to the downturn is the recent attack on the Cetus platform, which resulted in losses of $260 million. This incident triggered wider concerns across the Sui ecosystem. According to DefiLlama, the total value locked (TVL) on Sui dropped from $2.13 billion to $1.75 billion.
š± A Glimmer of Hope: ETF Speculation and Ecosystem Growth
Despite short-term selling pressure, long-term sentiment remains cautiously optimistic. Recent buzz around a potential spot ETF filingāled by firms like 21Sharesāis helping to restore interest. Meanwhile, the broader Sui ecosystem continues to expand, giving bulls reason to stay engaged.
š Market Comparison: BTC and Memecoins Outperform
While SUI falters, Bitcoin and leading altcoins like Ethereum and Solana have shown stronger resistance to ongoing market volatility. Surprisingly, memecoins like POPCAT and WIF have defied the trend with 14% and 16% gains, respectively.
š Summary: SUI in Correction Mode but Eyes Still on the Future
š¹ SUI has dropped nearly 20% from its monthly high
š¹ The Cetus exploit and falling TVL shook investor confidence
š¹ Speculation around a spot ETF and ecosystem expansion offer support
š¹ SUI needs new momentum to escape its current correction
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