SUI Price Rises 8% Amid ETF Filing and Cetus Funding Announcement
SUI has increased by 8% to $3.75 amidst crucial developments:
- The SUI Foundation announced funding for hacked protocol Cetus to reimburse users.
- Daily trading volumes rose 44% to over $1.25 billion.
- Last week, a $220 million hack caused SUI's price to drop from $4.2 to $3.4.
Crypto analyst Crypto Patel predicts SUI could reach $10 during the current bull run, citing strong market momentum and a key demand zone between $3.10 and $2.50 for potential accumulation.
The Sui Foundation provided a secured loan to Cetus for covering user losses, which will help offset theft-related losses beyond its internal capacity.
Additionally, Nasdaq filed a proposal for 21Shares to list a spot Sui ETF with the US SEC. This follows previous filings aimed at securing approval for the ETF.