- SUI plunged nearly 20% after the $223M Cetus Protocol hack, shaking investor confidence and halting its rally.
- While short-term signals remain bearish, long-term indicators suggest a potential recovery if key resistance at $3.67 is breached.
The SUI token has taken a major hit following the $223 million Cetus Protocol hack on May 22—one of the largest DeFi exploits of 2025. SUI/USD plunged 14% immediately after the attack and is now struggling to stay afloat, trading between $3.48 and $3.62. This marks a nearly 20% fall from its May 12 high of $4.29, which was fueled by excitement around real-world asset (RWA) tokenization.
The attack, which involved spoof tokens like BULLA and MOJO manipulating price feeds, drained over $11 million from liquidity pools. Though validators managed to freeze $162 million of the stolen assets, the incident has sparked debate around decentralization and governance gaps in the protocol.
Also read: Hyperliquid (HYPE) Hits New All-Time High — Is $45 the Next Target Before a Pullback?
Technical Outlook: Mixed but Not Hopeless
Technically, SUI is stuck below key resistance at $3.67, where the 50-period EMA is acting as a ceiling. The MACD is hinting at a bullish crossover, but it’s still below zero—suggesting caution. Price action remains indecisive, with small-bodied candles and rejection wicks highlighting a market in wait-and-see mode.
Key Levels to Watch:
- Resistance: $3.67 and $3.81 (breakout levels)
- Support: $3.44, $3.29, and $3.12
A decisive break above $3.67, confirmed by strong volume, could kickstart a reversal. On the flip side, a drop below $3.44 could open the door to deeper losses.
What’s Next for SUI?
Despite the short-term weakness, the longer-term trend isn’t entirely bearish. The RSI is neutral around 50, and the 50-, 100-, and 200-day moving averages continue to flash buy signals—hinting at a potential recovery if market sentiment stabilizes.
Coinglass data reveals a 40% spike in derivatives volume to $3.57 billion amid post-hack volatility, while open interest dropped 2.9% to $1.77 billion—signaling cautious sentiment among traders.
SUI’s fate hinges on a break above $3.67 or a drop below $3.44. Until then, the market remains on edge, still digesting the fallout from one of the year’s most disruptive DeFi hacks.
