SUI, the native token of the Sui blockchain, is drawing renewed attention as its price stood at $3.46 on Friday — well below a recent peak of $4.18.
Source: CoinMarketCap
A combination of broad market uncertainty and a major security exploit on the decentralized exchange CETUS triggered nearly a 20% decline in just over a week.
But fresh optimism emerged after two key developments: overwhelming community approval of CETUS’s recovery plan and renewed speculation around a potential spot SUI ETF.
Those events have prompted analysts and investors to reassess the token’s near-term trajectory.
Vote on CETUS recovery plan shifts sentiment
The sharp drop in SUI’s price coincided with an exploit of the CETUS protocol that resulted in the theft of $223 million in digital assets.
About $162 million of those assets were frozen through coordinated efforts involving validators and security teams.
The incident initially cast a bearish shadow over the Sui ecosystem, denting investor confidence and pushing the token as low as $3.32.
Sentiment shifted after CETUS announced that its community had approved a formal recovery plan.
According to the team, more than 90% of validators and stakers voted in favor of returning the frozen funds to affected users.
The rapid community response and coordinated remedial actions helped restore some trust in the protocol and eased selling pressure on SUI.
That impact was visible in price action, which, despite the breach, has remained above the 50-day exponential moving average (EMA).
Technical indicators now point to a flag pattern — a chart formation often viewed as a continuation signal — which supports the case for a potential rebound.
SUI ETF filings add fuel to the rebound scenario
Alongside protocol-level recovery, market optimism has been bolstered by growing speculation about a spot SUI ETF.
21Shares recently joined Canary in filing applications, lending additional credibility to efforts to broaden institutional access to altcoins like SUI.
If approved, a spot ETF would allow regulated investment products to directly hold SUI, opening the door to institutional capital and potentially improving liquidity and price stability.
The U.S. Securities and Exchange Commission (SEC), now chaired by Paul Atkins, has not yet approved any altcoin ETFs. Still, analysts expect decisions on several ETF applications — including those for Litecoin (LTC), XRP and Cardano (ADA) — before year-end.
This renewed focus on exchange-traded vehicles has put SUI on the radar of institutional investors.
On X, popular crypto analyst Crypto Bullet noted that the token may be “gearing up for a parabolic move” that could push it above $10 by June.
The analyst suggested SUI has completed a Wave 2 correction and may now be entering a potential Wave 3 rally.
Analysts see a retest of $5.37, with $10 in sight
Despite the recent correction, market participants are not ruling out a strong recovery.
Technical analysis identifies resistance at $3.945 and $4.8587, with the potential to retest the previous all-time high at $5.3700 if momentum holds.
If ETF-related speculation remains robust and CETUS successfully executes its fund-return plan, breaking above these levels could set the stage for SUI to reach double digits.
However, any sustained gains will likely depend on broader macroeconomic and regulatory developments, especially given ongoing geopolitical tensions that have shaken global digital-asset markets.
For now, SUI’s price continues to trade below $3.50, but the alignment of fundamental recovery and bullish technical signals could provide the spark needed for the next upward move.