A broadly adopted crypto analyst says that layer-1 blockchain Sui (SUI) is gearing up for a large breakout to recent 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 all of the sudden presenting a serious shopping for alternative.
He says that the current $223 million hack of the Cetus Protocol, a decentralized alternate (DEX) working on the Sui community, triggered SUI’s worth to say no, however finally gave bulls an opportunity to place themselves for the subsequent leg up.
“Keep in mind final cycle what number of instances SOL was declared lifeless as a result of it went down? Each single time the FUD (concern, uncertainty and doubt) was purchased, and it got here again stronger. I feel the current 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 problem makes me extra bullish exhibiting 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 at liberty 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.”
Based mostly 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 yr.
The analyst additionally says that SUI could also be on the brink of breakout of a bullish descending wedge sample in opposition to Bitcoin (BTC).
“SUI/BTC ratio additionally seems stable 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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