A extensively adopted crypto analyst says that layer-1 blockchain Sui (SUI) is gearing up for an enormous 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 a sudden presenting a significant shopping for alternative.
He says that the current $223 million hack of the Cetus Protocol, a decentralized alternate (DEX) working on the Sui community, brought about SUI’s worth to say no, however in the end 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 (worry, uncertainty and doubt) was purchased, and it got here again stronger. I believe the current CETUS exploit gave an incredible 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 difficulty 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.”
Primarily based on his chart, the dealer seems to recommend 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 12 months.
The analyst additionally says that SUI could also be on the point of breakout of a bullish descending wedge sample towards Bitcoin (BTC).
“SUI/BTC ratio additionally appears to be like strong 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.
Comply with us on X, Facebook and Telegram
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Examine Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any losses it’s possible you’ll incur are your accountability. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney
