The Sui (SUI) ecosystem has experienced significant headwinds in the past few days following the Cetus Protocol (CETUS) hack. While the Sui validators stopped the majority of the stolen funds from being swapped into different chains, the network has been criticized for its centralized governance.
In a bid to ensure transparency and retain users’ trust, the Sui network has prepared an on-chain vote involving the users and validators. In the next seven days, the community will be voting on whether to undertake a network upgrade to recover the $162 million stolen by the hacker but was frozen on-chain.
Meanwhile, the Cetus Protocol announced that the Sui Foundation has offered a loan to cover the remaining $60 million, thus guaranteeing all affected users will be made whole again.
Sui Price Signals Short-term Rebound
Following the announcement, SUI price gained over 5 percent in the past 24 hours to trade about $3.68 on Tuesday, during the late North American trading session. The announcement also positively impacted the Cetus Protocol, whereby CETUS price rallied over 17 percent in the past 24 hours to trade at about $0.1527 at the time of this writing.
From a technical analysis standpoint, SUI price has been preparing for a bullish continuation in the past three weeks. Furthermore, the large-cap altcoin, with a fully diluted valuation of about $36.8 billion and a 24-hour average trading volume of around $1.3 billion, has established a macro-rising trend since late 2023.
In the daily timeframe, SUI price has been consolidating in a falling symmetrical channel, potentially a bullish continuation pattern. Following today’s bullish rebound, from the lower border of the falling symmetrical channel, Sui price is well positioned to rally towards a new all-time high in the near term.
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