On Thursday, May 22, the SUI price witnessed a sudden surge in volatility as a hacker exploited a loophole in Cetus DEX, siphoning over $220 million from SUI and Ethereum. As the news spread, the SUI price dumped to $3.7 immediately before rebounding with the help of broader market recovery. While the security concern signals risk for further correction, a recurring pattern in price signals opportunity for a higher rally.
Cetus Protocol Exploit Shakes Sui Ecosystem
Earlier today, the largest DEX on the Sui network, Cetus Protocol, fell victim to a massive exploit that drained over $220 million in digital assets. According to an official tweet from Cetus, the hacker exploited a loophole in the protocol and siphoned around $226 million in funds from the SUI and Ethereum networks.
While the attack news sparked security concerns about these networks, $160M of the compromised funds were frozen and will be returned to Cetus L.P. Now, the SUI Devs and Cetus team are working to recover the remaining $60M.
Cetus protocol has fixed the vulnerability, and trading is active again. While the SUI network was not affected by the exploit, the market fear pushed the asset to an intraday low of $3.659 before reverting higher.
The swift action of these protocols to counter hackers’ activity and the notable resilience of the SUI price suggest that there is less possibility of a downtrend continuation.
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SUI Price Coiling For Next Leap
Over the past two weeks, the SUI price has resonated in a narrow range of $3.65 to $4.3. The consolidation displayed with short-bodied candles and long wicks on either side indicates a lack of initiation from buyers or sellers to lead this asset. With the Cetus hack today, the SUI price formed a spinning-type candle to indicate continued uncertainty in the market.
However, such a short pause is common for an asset in recovery to recuperate its bullish momentum. Since its upswing from early April 2025, SUI’s daily chart has shown two such pullbacks before the buying pressure exploded to reclaim the lost ground.
As the coin price sustains a 20-day exponential moving average, the buyers could resume its high momentum rally and surge 11% before crossing the $4.38 resistance. A potential breakout with a daily candle closing will push the price another 23% to hit a $5.32 high.
On the contrary, if the consolidation prolonged and breached the $3.65 support, the renewed correction trend could push the asset to $3.
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