SUI/USDT pair surged by 97.96%, rising from $2.1872 to a high of $4.3299

The sharp rally lasted 32 days and came with a total volume of 2.88 billion USDT

The SUI/USDT pair surged by 97.96% between April 23 and May 23, 2025, according to TradingView data. The sharp rally saw the pair rise from $2.1872 to a high of $4.3299.

The rally, which lasted 32 days, came with a total volume of 2.88 billion USDT. However, the rally lost strength after reaching the top. Following the peak, the price began to consolidate in a narrow range. Currently, SUI trades at around $3.6865, indicating a decline from the recent high.

Meanwhile, the 50-day Exponential Moving Average (EMA) has climbed to $3.3556. The price now trades above this moving average, suggesting that short-term bullish momentum still holds. Yet, the pullback below $4.00 highlights growing resistance at higher levels.

If SUI fails to hold the EMA as support, it could revisit the $3.35–$3.10 zone. The move from $2.18 to over $4.32 marks a near-double gain, but sellers are beginning to pressure buyers near resistance. Trading volume also appears to taper after the peak, signaling cooling interest.

SUI RSI Drops Below 52 After Mid-May Peak

The Relative Strength Index (RSI) for SUI/USDT fell to 51.95 on May 23, 2025, based on the 14-day RSI indicator. The RSI previously peaked near 73 earlier in May, signaling overbought conditions at the time. Since then, the indicator has dropped steadily, showing weakening momentum.

The RSI moving average (yellow line) currently reads 63.35. This gap between the RSI and its average suggests short-term bearish divergence. While the RSI remains above the neutral 50 line, the downward slope reflects fading buying pressure.

At the same time, the RSI curve shows a sharp decline, marking the strongest correction in momentum since March. If the RSI falls below 50, it could confirm a shift into a neutral or bearish phase. For now, the index hovers just above that level, indicating uncertainty.

On May 22, 2025, Cetus protocol on the Sui network suffered a major security breach. The attacker exploited the protocol and stole crypto assets worth $260 million. This forced Cetus to pause its smart contracts and issue a whitehat offer to the hacker.

The Sui blockchain, which hosts the protocol, allowed the freezing of transactions. This action has triggered further concerns over Sui decentralization as critics say the incident shows how much control the network operators have.

Cetus hack has become one of the largest attacks on the Sui network since its launch.

Decentralization Claims Unravel as Cetus Hack Triggers Transaction Freeze on Sui

Following a significant hack on Cetus protocol, leading to the theft of crypto assets valued at $260 million, the Sui network took action to freeze transactions on the protocol.

This move has brought up concerns over decentralization on the Sui chain.

The Cetus protocol, operating on the Sui network, was exploited by an attacker who drained the protocol’s funds.

The incident forced Cetus to pause its smart contracts and issue a whitehat offer to the hacker.

The protocol stated that it was working on deploying a new version of the protocol to recover funds.

The Sui blockchain, on which the protocol operates, also allowed for the freezing of transactions linked to the hack.

This action was met with mixed reactions from the crypto community.

Jesus Martinez, founder of Legion, said that the narrative of decentralization is a lie and that the mask is now off. He added that they are now blocking transactions for the $200 million “hack” that happened on SUI.

His comment sparked further discussion about the structure of the Sui blockchain and the role of validators in making this decision.

Highlighting the positives of freezing funds to prevent further losses, Duo Nine, the founder of YCC, said that this shows how the SUI network can freeze your funds on demand. He added that maybe this is good in this case.

According to Duo Nine, true decentralization is rare and usually exists only in Bitcoin and Ethereum. He said that this thinking is especially relevant now with the Cetus hack on Sui.

Highlighting the implications of the hack and the response from the network, several industry voices weighed in on the topic of decentralization.

This isn’t the first time that a network has intervened after a hack.

Following the DAO attack on Ethereum in 2016, the network underwent a hard fork to create Ethereum Classic.

Similarly, Solana previously had to rely on validators to coordinate silent fixes for a token issuance bug.

In another instance, Bitcoin faced