Why Is SUI Price Up 8% Today?

While the broader crypto market continues to consolidate, SUI SUI $3.65 24h volatility: 5.3% Market cap: $12.18 B Vol. 24h: $1.76 B price has surged 8% today amid key developments like the SUI ETF filing and the SUI Foundation announcing major funding to hacked protocol Cetus, to compensate all of the users facing heavy losses.

As a result, the SUI price has surged by 8% today, moving to $3.75 once again, with daily trading volumes shooting 44% to over $1.25 billion. Following the $220 million hack of the Sui-based liquidity protocol Cetus last week, the SUI price crashed from $4.2 to $3.4 before recovering again. As the SUI Foundation comes to the rescue of investors, there’s renewed hope within the community.

SUI Price to See Bullish Momentum Ahead?

Renowned crypto analyst Crypto Patel has expressed optimism about $SUI’s potential to reach $10 during the current bull run. In his recent analysis, he noted that SUI continues to gain market momentum with the bullish structure staying intact, with no signs of slowing down at the moment.

Will $SUI hit $10 this bull run?

Our first entry was at $0.60 — and the trend still looks strong! 🔥
If price dips into the $3.10–$2.50 demand zone, I’ll be accumulating more.

Structure still bullish. Momentum intact.
Just waiting for a clean retest before next leg up.… pic.twitter.com/hxbNRTr9q5

— Crypto Patel (@CryptoPatel) May 27, 2025

He noted a key demand zone between $3.10 and $2.50, where he plans to accumulate more if prices retrace to that level. “Just waiting for a clean retest before the next leg up,” Patel stated, maintaining confidence in SUI’s upward trajectory.

Sui Foundation Comes to the Rescue

In a major announcement on May 27, the Sui Foundation provided a secured loan to Cetus to compensate for the user losses in full.

The Cetus team plans to use the loan proceeds, combined with treasury assets, to offset losses from stolen funds bridged out of the Sui network. This loan enables Cetus to cover losses beyond its internal funding capacity.

Moreover, the funds will exclusively address the bridged assets and are distinct from the frozen funds currently subject to an on-chain community vote. This development has led to a positive market sentiment around the altcoin.

Nasdaq Submits 21Shares SUI ETF Filing to US SEC

Nasdaq filed a proposal for 21Shares to list a spot Sui exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on May 27. The May 23 filing, a 19b-4 request, comes after 21Shares submitted its S-1 registration statement on April 30, seeking SEC approval for trading the ETF.

21Shares has proposed BitGo and Coinbase Custody as custodians to securely hold SUI on behalf of the trust. Before this, Canary Capital has submitted both 19b-4 and S-1 filings for a spot Sui ETF.

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