Sui Token Faces Correction but Bullish Signs Emerge
Sui (SUI) is currently in a corrective phase, having dropped 16% from its monthly peak. This decline follows a recent exploit involving teh Cetus Protocol. As of Wednesday, SUI was trading at $3.50, lagging behind other top cryptocurrencies.
Despite the correction, there are signs of a potential bullish breakout. The Sui Foundation has stepped in, offering a secured loan to Cetus protocol to cover the $223 million hack.Cetus is now seeking community approval to release $162 million in frozen assets.
Interest in Sui ETFs is also on the rise. 21Shares and Canary have applied for a spot Sui ETF. Analysts predict the SEC might approve these applications by year-end, which could attract more institutional investors.
DeFi Llama data reveals that the total value locked in Sui has recovered to $2.47 billion, up from last week’s low. The stablecoin market cap has stabilized at $1.02 billion.
The Sui Foundation has provided a secured loan to Cetus Protocol to cover the hack. Cetus is now asking the sui community to vote on releasing $162 million in frozen assets. This move could help restore confidence in the network.
Exchange-traded funds (ETFs) could also boost Sui’s price. 21Shares and Canary have applied for a spot SUI ETF. Analysts hope the SEC will approve these applications by year-end, opening doors for institutional investors.A spot ETF approval would be bullish for SUI, attracting more refined investors.
Technical analysis shows Sui has formed a descending channel, a bullish flag pattern. Price has stayed above key moving averages, indicating bullish control. If SUI breaks above $4.2648,it could reach its all-time high of $5.3735.
