SUI Price Analysis: Will the CETUS Recovery and ETF Hype Spark a Breakout?

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SUI price was trading at $3.4836 on Friday, continuing to underperform relative to other top cryptocurrencies. The recent correction comes amid broader geopolitical tensions affecting cryptocurrency markets globally, and its decentralized exchange CETUS’ hack added another bearish layer in the past 8 days.

However, with the recent CETUS’s recovery plan got approved and SUI ETF hype, the optimism has increased. Now many are intrigued to know : Will SUI Break Out? 

CETUS Recovery Plan and SUI ETF Excitement: A Potential Game Changer for SUI

While Bitcoin has shown resilience above critical resistance zones, the SUI price has faced downward pressure despite strong fundamentals. 

Meanwhile, the Cetus Protocol exploit that resulted in $223 million in stolen assets (with $162 million frozen) had created uncertainty too, but with CETUS’s most recent update, the tide has changed. They assured the community that their recovery plan got approved with over 90% of validators and stakers voting “yes” to return the frozen funds.

Despite the recent correction, both technical and fundamental indicators point to a potential bullish breakout for SUI in the upcoming sessions. This optimism stems from a growing interest in exchange-traded funds (ETFs), with 21Shares recently joining Canary in applying for a spot SUI ETF.

Approval of a spot ETF would be a significant positive move for Sui crypto, as it would allow more sophisticated institutional investors to gain exposure to the asset. Analysts are hopeful that the SEC, under Paul Atkins, will approve many of the pending altcoin ETF applications like LTC, XRP, ADA, etc., by the end of the year.

Also, experts say that under bullish factors, SUI price could reach $5.37 and $10 by year-end.

Despite Declining SUI Price, Experts Suggest A $10 Target

On the daily price chart, when the CETUS hack happened, it fell from $4.18 to $3.32, which was a nearly 20% decline; however, the continued help given to CETUS didn’t worsen its situation. Instead, its good deeds kept its price action above the 50-day EMA band.

Also, the daily chart reveals a bullish flag pattern, a well-known continuation indicator. Under these circumstances, SUI is expected to rebound, aiming first for $3.945, then $4.8587, and possibly pushing toward the all-time high of $5.3700.

Moreover, A technical analysis shared by Crypto Bullet on X (formerly Twitter) forecasts that SUI may be preparing for a parabolic run to or above $10 by June. 

The initial Wave 1 rally saw strong momentum, then Wave 2 formed with the Cetus hack, and market-wide geopolitical uncertainty reawakening combined, which seemed like a necessary preparation for the upcoming Wave 3 rally, per the analyst.