$SUI price hits $3.64 after hacker freezes $160M from account The analyst predicts the cryptocurrency trading at $20 soon.
SUI's price is up 3.91% in 24 hours after Cetus, SUI's top DEX, announced it was freezing $162 million of the $220 million hackers had exploited Thursday's smart contract.
According to an update to Setus' Q&A, the frozen amount was held within SUI while the remaining $60 million is held outside the ecosystem in ETH.
To recover 100% of the funds, the team said a concerted effort is already underway between them, the $SUI Foundation and various other institutions.
What's going on with SUI?
On May 24, SUI released an update on X explaining how the funds were frozen to calm concerns about the risk of network centralization.
For this reason, one-third of $SUI verifiers chose to ignore transactions from suspicious addresses, thereby helping to freeze funds.
Furthermore, the Cetus team offered the exploiter a time-based $6 million white hat bounty if they returned 20,920 ETH. The team promised to take no further legal action as long as the hacker did not transfer or mix the stolen funds.
The analyst's Elliott Wave analysis project will cost the needle $20.
According to analyst Michael_EWpro, the asset appears to be developing within a textbook Elliott Wave cycle, a market structure consisting of five impulsive waves (1–2–3–4–5) moving in the direction of the broader trend, followed by a three-wave corrective sequence labeled (A–B–C).
According to Michael_EWpro's chart, the SUI has completed waves (1) through (3), and a wave (4) correction is nearing completion, with a possible bottom near the $1.50–$1.80 support zone.
If this correction holds, it could set the stage for a powerful fifth wave extension, with Fibonacci projections aligning the next major resistance between $13.00 and $20.00.
The ongoing correction also forms an ABC structure, with an expected retracement towards the $2.00–$2.40 range, aligned with the lower trendline of a broad ascending channel.
This zone also coincides with the previous wave (1) high, which offers strong historical support and serves as a key rally level before the next leg up.
If the correction is completed as expected, the next bullish wave (5) could hit the Fibonacci extension between 1.618 and 2.618, placing price estimates between $13 and $20.
Analysis of the volume profile on the right side of the chart supports this move, with a notable gap between $4 and $10 suggesting minimal resistance to much higher levels.
While a short-term decline is possible, the broader technical outlook remains constructive. A confirmed bounce from the $2 support zone would confirm the completion of Wave (4) and set the stage for a breakout towards the $20 milestone in the coming months.
