Over 90% of stakers and validators voted to approve CETUS’s recovery plan.
SUI ETF filings by 21Shares and Canary have boosted investor interest.
Analysts predict SUI could reach $10 if ETF sentiment and recovery efforts sustain.
SUI, the native token of the Sui blockchain, is under renewed scrutiny as its price traded at $3.46 on Friday—well below its recent peak of $4.18.
A combination of market-wide uncertainty and a major security exploit on its decentralised exchange, CETUS, triggered a nearly 20% decline in just over a week.
However, fresh optimism has emerged, fuelled by two major developments: overwhelming community approval of CETUS’s recovery plan and speculation around a potential spot SUI ETF.
These developments are prompting analysts and investors to reassess the token’s short-term trajectory.
CETUS recovery vote changes sentiment
The sharp drop in SUI’s price coincided with an exploit on the CETUS Protocol that saw $223 million in digital assets stolen.
Of this amount, approximately $162 million was frozen through collaborative efforts involving validators and security teams.
Initially, the event cast a bearish shadow over the SUI ecosystem, undermining investor confidence and pushing the token to a low of $3.32.
But sentiment shifted following CETUS’s announcement that its community had approved a formal recovery plan.
According to the team, over 90% of validators and stakers voted in favour of returning frozen funds to impacted users.
The swift community response and coordinated mitigation efforts have helped restore some degree of trust in the protocol, limiting the downside pressure on SUI.
This was reflected in the price action, which remained above the 50-day exponential moving average (EMA) despite the hack.
Technical indicators now suggest the formation of a bullish flag—a chart pattern often seen as a continuation signal—further strengthening the case for a potential rebound.
SUI ETF applications add fuel to the rebound scenario
Alongside protocol-level recovery, market optimism has been buoyed by increasing speculation around a spot SUI ETF.
21Shares recently joined Canary in submitting applications, adding legitimacy to the push for broader institutional access to altcoins like SUI.
If approved, a spot ETF would allow regulated investment products to hold SUI directly, opening doors for institutional capital and potentially increasing liquidity and price stability.
The US Securities and Exchange Commission (SEC), now chaired by Paul Atkins, has yet to approve any altcoin ETFs, but analysts expect decisions on a range of applications—including those for Litecoin (LTC), XRP, and Cardano (ADA)—by the end of the year.
This renewed focus on exchange-traded vehicles has placed SUI on the radar of institutional investors.
A post on X by Crypto Bullet, a crypto analyst with a substantial following, noted that the token might be “preparing for a parabolic move” that could take it above $10 by June.
According to the analyst, SUI has completed a Wave 2 correction and is now entering a potential Wave 3 rally phase.
Analysts forecast retest of $5.37, with $10 in sight
Despite the recent correction, market participants are not ruling out a strong rebound.
Technical analysis points to resistance levels at $3.945 and $4.8587, with the potential to retest the previous all-time high of $5.3700 if momentum continues.
If ETF-related speculation remains strong and CETUS successfully executes its fund return plan, a breakout above these levels could send SUI into double digits.
However, any upside will likely depend on how broader macroeconomic and regulatory conditions evolve, especially in light of ongoing geopolitical tensions that have rattled digital asset markets globally.
As of now, the SUI price continues to hover below $3.50, but a convergence of fundamental recovery and technical signals may provide the spark needed for the next leg up.
