Sui (SUI) Price Rejected Again at the Resistance Level Around $4.18 Amidst the Ongoing Wider Crypto Bullish Outlook

Sui (SUI) price was rejected again at the resistance level around $4.18 amid the ongoing wider crypto bullish outlook. The large-cap altcoin, with a fully diluted valuation of about $39 billion and a 24-hour average traded volume of around $3.6 billion

Sui (SUI) price was rejected again at the resistance level around $4.18 amid the ongoing wider crypto bullish outlook. The large-cap altcoin, with a fully diluted valuation of about $39 billion and a 24 hour average traded volume of around $3.6 billion, dropped nearly 10 percent on Thursday to trade about $3.9 during the late North American trading session.

Sui price action may come as an addition to the wider altcoin market which follows the Bitcoin (BTC) price rally in the past 24 hours. From the beginning of the year to date, BTC price is up over 60 percent, signaling a new bull market outlook.

However, the Sui ecosystem experienced one of its worst days since inception on Thursday, May 22, with Cetus Protocol, a leading DEX and liquidity aggregator on the Sui network, reporting that an attacker had stolen $223 million.

The network validators acted quickly by pausing $162 million in part of the stolen funds to be reimbursed to the Cetus Protocol users. But the attacker has already bridged the remaining funds to the Ethereum (ETH) network, currently valued at over $60 million.

Following the incident, several Sui-based tokens, including CETUS, LOFI, and Alpha Fi (ALPHA), have dropped by more than 20 percent. The liquidity drain from the Cetus Protocol has induced fear among crypto traders, which may trigger more users to migrate to other chains.

Cetus Protocol is a crucial component of the Sui ecosystem, offering a platform for users to trade and provide liquidity to various DeFi protocols on the Sui network. The protocol is a combination of a DEX and a liquidity aggregator, collecting liquidity from various sources and presenting it to users in the Cetus UI in the form of a best-price aggregator.

The crypto network validators have also announced pausing the new tokens issuance on the Sui network to prevent further losses to the network.

"Dear Sui community, thank you for your patience while our team works on the incident investigation and resolution. Since taking the actions indicated in our previous announcement, we have also done the following: We engaged the broader ecosystem, Sui team, and related parties to discuss the incident and potential solutions. We are actively working with the relevant parties to identify and pursue options for reimbursing affected users. We are committed to keeping the community informed of any significant developments."

SUI Price Analysis: Short-Term Targets

Sui price has been showing a macro bullish trend following the broader crypto market rebound since April.

In the four-hour time-frame, SUI price is approaching the support level at $3.6, signaling potential short-term correction from the resistance at $4.18.

If SUI price shows strength in rebounding from the current levels and breaches above the resistance at $4.18, the next price target to watch is around $5.03.

However, the bullish bias for SUI price is still in play as the MACD Line is spotted increasing above the Zero Line in the four-hour time-frame, with rising MACD Histograms.