Author
Simon Chandler
Author
Simon Chandler
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The Sui price has fallen by 7% in the past 24 hours, with the coin’s drop to $3.86 coming after Sui Network-based DEX Cetus suffered a $220 million hack yesterday.
SUI is now down by 1% in a week, but it holds on to a healthy 32% gain in a month and a 250% increase in the past year.
And while the Cetus hack is bad news for Sui, validators for the network were able to freeze $162 million in comprised tokens, while Cetus Protocol is offering a $6 million bounty for the return of $56 million in Ethereum (ETH) that remains outstanding.
This decisive response to the exploit could end up increasing confidence in the Sui Network over time, with the long-term Sui price prediction remaining largely positive.
Sui Just Survived a $220M Attack — Could This Show of Strength Lead to a Surprise Rally? (Sui Price Prediction)
The Cetus hack occurred yesterday, when a bad actor exploited a smart contract vulnerability to drain the decentralized exchange of customer tokens worth a total of $220 million.
Cetus followed up its initial warning a few hours later, revealing that validators had frozen the aforementioned $162 million in Sui-based tokens, and that it was conferring with key players in the wider Sui ecosystem on how to recover the rest.
While the outstanding Ethereum has not yet returned to its rightful owners, Cetus has identified the ETH wallet which now holds the stolen funds, and is negotiating with the hacker.
As such, the exploit could be resolved in a matter of hours, and while it is damaging in itself for Cetus and for Sui, it at least shows how seriously they treat the issue of security.
And if we look at SUI’s chart today, we see that the hack hasn’t done too much to derail its recent strong momentum.
The coin’s 30-day average (orange) climbed over the 200-day (blue) at the beginning of May, opening a period of strong growth for the token.
The same goes for SUI’s RSI (purple), and because it had been low for several months, the coin should arguably remain elevated for a while longer yet.
Of course, this will depend on how quickly the Cetus hack finds a resolution, but if the exchange and the Sui Network can wrap things up in the next few days, the mood should become more positive.
And it’s worth remembering that the hack wasn’t of the Sui Network itself, so arguably its position hasn’t changed fundamentally.
The SUI price could therefore reach $4 in the next week or so, while it could return to $5 by the middle of summer.
High-Upside Altcoin to Watch as ICO Frenzy Heats Up
Given the possibility that the Cetus hack may not reach a happy ending quickly, some traders may want to diversify into newer tokens with more short-term upside potential.
There’s currently no shortage of promising new alts in the market, and some of these are presale coins, which can often rally hard when they list for the first time.
Probably the most bullish presale coin right now is Solaxy (SOLX), a layer-two token that has now raised a humongous $39.6 million in its soon-to-be-ending sale.
Solaxy is exciting because it’s launching the first layer-two network for Solana, one which will provide Solana users with low fees and fast confirmation times.
Not only that, but it will enable instant bridging between itself and Solana, ensuring a seamless connection to the latter’s ecosystem.
Excitingly, Solaxy has just announced its own launchpad protocol, Igniter, which SOLX holders can use to issue their own tokens.
Through Igniter and similar protocols, Solaxy aims to become a key hub for meme tokens and DeFi.
And because you will need to hold SOLX to pay for fees and launch tokens, the new coin could experience massive demand.
SOLX’s sale ends in 24 days, but you can still buy it early at Solaxy’s website, where it now costs $0.001732.
Given Solaxy’s popularity (e.g. it has 76,000 followers on X), it could rise well beyond this price once it lists.
