Sui (SUI) Poised for 100% Gain Despite $223M Hack

A widely followed crypto analyst has predicted a significant rally for the layer-1 blockchain Sui (SUI), suggesting that it is on the verge of reaching new all-time highs. The analyst, known by the pseudonym Kaleo, shared his insights with his 703,900 followers on the social media platform X. Kaleo highlighted that the recent $223 million hack of the Cetus Protocol, a decentralized exchange (DEX) operating on the Sui network, presented a unique buying opportunity for SUI. Despite the hack causing a temporary decline in SUI’s value, Kaleo believes it has created a favorable environment for bulls to accumulate more SUI, positioning themselves for the next upward movement.

Kaleo drew parallels to previous cycles where other cryptocurrencies, such as SOL, faced similar setbacks but ultimately recovered and surged to new heights. He emphasized that the swift response from SUI governance to address the Cetus exploit and implement a recovery plan for affected pools and users has bolstered his confidence in the project. The analyst’s bullish stance is further supported by the fact that SUI governance acted promptly to mitigate the impact of the hack, preventing further losses and demonstrating the network’s resilience.

According to Kaleo’s analysis, SUI is expected to reach a new all-time high of around $7.50, more than doubling its current value, potentially by September of this year. He also noted that SUI may be on the verge of breaking out of a bullish descending wedge pattern against Bitcoin (BTC), indicating a strong upward trend. Kaleo’s chart analysis suggests that the SUI/BTC ratio is solid, with a clean breakout retest, which could lead to a significant price increase in the near future.

Kaleo’s optimistic outlook on SUI is based on the belief that the recent hack has provided an “amazing opportunity” for investors to accumulate more SUI at a discounted price. He views the incident as a temporary setback that has ultimately strengthened the network’s governance and community support. Kaleo’s prediction aligns with his long-term bullish stance on SUI, which he sees as a key player in the layer-1 blockchain race, filling the gap left by other monolithic layer-1 projects.