Compass Investments

– A renowned crypto analyst predicts that the Sui (SUI) blockchain is poised for a major surge, reaching new all-time highs.

In a recent post, anonymous crypto trader Kaleo shared with his 703,900 X subscribers that SUI currently looks like a great buying opportunity.

In his opinion, the recent hack of decentralized exchange Cetus Protocol (DEX) on Sui’s network, which caused an estimated $223 million in damage, caused SUI’s value to plummet, but ultimately gave the bulls a chance to position themselves for further growth.

Remember last cycle, how many times did the SOL get buried when it fell? Each time a FUD (fear, uncertainty, doubt) took over the market, the asset came back even stronger. I believe the recent CETUS incident opened up an excellent opportunity for “buying on the dip” to increase SUI.

Cetus has officially announced a recovery plan for the affected pools. There is also a token compensation plan for affected users. In fact, this CETUS situation only makes me more optimistic, demonstrating how SUI management promptly took concerted action to prevent the protocol exploit from growing even larger and allowing the hacker to make off with the loot.

Don’t hesitate if you choose to watch from the sidelines, but I remain optimistic that I have been working with SUI as they are able to close the gap in the race for monolithic L1 (layer-1) dominance. It’s time to accelerate.

Based on its chart, the trader expects SUI to reach a new all-time high of around $7.50, more than double its current value, presumably by September this year.

The analyst also notes that SUI may be preparing for a breakout from a bullish descending wedge against bitcoin (BTC).