SUI Price Remains Under Pressure Despite Market Rally – Can Bulls Regain Control?
Currently trading at around $3.82, SUI is showing signs of struggling following the recent attack on its native decentralized exchange, Cetus. Despite a strong start to the broader crypto market – with total market capitalization climbing to $3.51 trillion and the Fear & Greed Index stabilizing at 73 (Greed) – SUI’s momentum is looking fragile.
SUI’s trading volume surged 155% to $3.11 billion over the past 24 hours. However, the surge was accompanied by a massive liquidation of $12.42 million, hinting at market volatility and investor caution. The altcoin has seen an intraday high of $4.19 and a low of $3.77, currently closing around $3.82.
The price drop appears to be linked to the reported attack on Cetus, a decentralized exchange built on the SUI blockchain. The attacker stole funds from the SUI/USDC pool and subsequently exchanged the stolen tokens for 21,938 ETH for 58.3 million USDC (average price of $2,658) before bridging it to Ethereum. More than 60 million USDC has been moved across chains.
Despite these negative factors, technical indicators still show a cautiously bullish outlook. The MACD shows a bullish crossover, while the Chaikin Money Flow (CMF) indicator at 0.08 indicates moderate inflows. The Bull-Bear Power (BBP) indicator at 0.0864 also reflects a mild bullish bias.
SUI is currently testing the short-term resistance level of $4.07. A confirmed breakout above $4.10 could open the door to $4.25. Conversely, a failure to maintain the upward momentum could lead to a retracement to the $3.88 support level. A break below this support could lead to a further correction to $3.70, sparking a shift in sentiment.
With the RSI hovering at 50.89, the market remains neutral — both bulls and bears have a chance to seize control. The coming trading sessions will determine if SUI can shake off the impact of the DEX vulnerability and regain lost ground.
$SUI
