Cetus Protocol, one of the altcoins that have seen significant gains in the past 24 hours, is leading the charge with a staggering 25% surge in its token value. The CETUS token has traded to highs of $0.17, marking a significant recovery from its previous value of around $0.13. This sharp increase comes on the heels of an announcement by Cetus Protocol and Sui Foundation, which outlines plans to fully recover the funds stolen during the protocol's May 22, 2025 hack.

The hack, which saw an estimated $223 million worth of assets stolen, has had a lasting impact on the cryptocurrency market. However, with the support of Sui Foundation, Cetus Protocol is now poised to make amends and reimburse its users. The plan, which involves a community-driven vote to recover the funds frozen following the hack, has sent shockwaves through the market, with many investors taking notice.

According to Cetus Protocol, the team is now in a position to fully cover the stolen assets currently off-chain if the locked funds are recovered through the upcoming community vote. This includes a critical loan from the Sui Foundation, making a 100% recovery for all affected users possible. The Sui community has been invited to support the proposal, and Cetus noted that recovery for its users will commence immediately after the vote – regardless of the outcome.

The announcement has sent CETUS token soaring, with daily volume shooting to $188 million, up more than 178% in the past 24 hours. The token's market cap has also risen to $113 million, a significant increase from its previous value. Sui Foundation's support for the plan has added to the optimism, following their recent announcement of a $10 million security initiative.

Despite the positive news, sentiment remains slightly bearish, with CETUS trading over 68% down from its all-time high of $0.49 reached in November 2024. The token's price has also seen a downward trend in the past week, down 24%. However, with SUI price showing signs of a strong bounce, many believe that CETUS is gearing up for a retest of $0.20 and early May highs of $0.25.

Bulls are eager to see the consolidation below $0.14 break, as reimbursement – if it happens swiftly – is set to add to current buying pressure. The spike to $0.17 has allowed buyers to flip $0.15 to support, a sign that the market is looking upwards. Volume and open interest also support this outlook, with Cetus' derivatives volume up 206% to over $587 million, while OI has increased 43% to nearly $56 million.

The technical picture points to potential upside continuation with the Relative Strength Index at 44%. The Moving Average Convergence Divergence indicator signals a bullish crossover, indicating that CETUS price is likely to continue its upward trajectory. With the main resistance at $0.18 and primary support at $0.13, investors are looking forward to seeing how this plays out.

In conclusion, the news of Cetus Protocol's plan to fully recover the hacked funds has sent shockwaves through the market, with CETUS token leading the charge. While sentiment remains slightly bearish, many believe that reimbursement – if it happens swiftly – is set to add to current buying pressure. With SUI price showing signs of a strong bounce, investors are eagerly awaiting the outcome of this development.