A widely followed crypto analyst says that layer-1 blockchain Sui (SUI) is gearing up for a massive breakout to fresh all-time highs.
In a new thread, pseudonymous crypto trader Kaleo tells his 703,900 followers on the social media platform X that SUI is suddenly presenting a major buying opportunity.
He says that the recent $223 million hack of the Cetus Protocol, a decentralized exchange (DEX) operating on the Sui network, caused SUI’s value to decline, but ultimately gave bulls a chance to position themselves for the next leg up.
“Remember last cycle how many times SOL was declared dead because it went down? Every single time the FUD (fear, uncertainty and doubt) was bought, and it came back stronger. I think the recent CETUS exploit gave an amazing opportunity for a dip to stack more SUI.
CETUS is officially back with a recovery plan for affected pools. There’s also a plan in place for token compensation for affected users. If anything, the CETUS issue makes me more bullish showing how SUI governance was swift to act together to stop the protocol’s exploit from being any worse and allowing the hacker to get away with the funds.
Feel free to cope from the sidelines, but I’m as bullish as I’ve been since I partnered with SUI on them having the opportunity to fill the gap in the monolithic L1 (layer-1) race. Run it back turbo.”
Based on his chart, the trader appears to suggest that SUI print a new all-time high at around $7.50, more than double its current value, perhaps sometime in September of this year.
The analyst also says that SUI may be getting ready to breakout of a bullish descending wedge pattern against Bitcoin (BTC).
“SUI/BTC ratio also looks solid with a clean breakout retest. I see this breaking out and filling the launch wick soon.”
At time of writing, SUI is trading for $3.45.
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