A broadly adopted crypto analyst says that layer-1 blockchain Sui (SUI) is gearing up for a large breakout to contemporary all-time highs.
In a brand new thread, pseudonymous crypto dealer Kaleo tells his 703,900 followers on the social media platform X that SUI is abruptly presenting a significant shopping for alternative.
He says that the latest $223 million hack of the Cetus Protocol, a decentralized trade (DEX) working on the Sui community, induced SUI’s worth to say no, however in the end gave bulls an opportunity to place themselves for the subsequent leg up.
“Bear in mind final cycle what number of occasions SOL was declared useless as a result of it went down? Each single time the FUD (worry, uncertainty and doubt) was purchased, and it got here again stronger. I believe the latest CETUS exploit gave a tremendous alternative for a dip to stack extra SUI.
CETUS is formally again with a restoration plan for affected swimming pools. There’s additionally a plan in place for token compensation for affected customers. If something, the CETUS challenge makes me extra bullish displaying how SUI governance was swift to behave collectively to cease the protocol’s exploit from being any worse and permitting the hacker to get away with the funds.
Be happy to manage from the sidelines, however I’m as bullish as I’ve been since I partnered with SUI on them having the chance to fill the hole within the monolithic L1 (layer-1) race. Run it again turbo.”
Primarily based on his chart, the dealer seems to counsel that SUI print a brand new all-time excessive at round $7.50, greater than double its present worth, maybe someday in September of this 12 months.
The analyst additionally says that SUI could also be on the point of breakout of a bullish descending wedge sample towards Bitcoin (BTC).
“SUI/BTC ratio additionally appears to be like strong with a clear breakout retest. I see this breaking out and filling the launch wick quickly.”
At time of writing, SUI is buying and selling for $3.45.
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