SUI plummeted 9.25% from $3.72 to $3.38, with heaviest selling during midnight hours UTC on volume 78% higher than daily average
The recent correction comes amid broader geopolitical tensions affecting cryptocurrency markets globally.
While Bitcoin has shown resilience above critical resistance zones, SUI has faced downward pressure despite strong fundamentals.
The Cetus Protocol exploit that resulted in $223 million in stolen assets (with $162 million frozen) has created uncertainty, though the Sui community appears poised to approve a recovery plan with 71% of validators already voting “yes” to return the frozen funds.
Technical Analysis Breakdown
- SUI-USD dropped from a high of $3.728 to a low of $3.383, representing a 9.25% correction.
- Strongest selling pressure occurred during the midnight hour (00:00) with 4.0% price drop on 78% higher-than-average volume.
- Strong resistance established at $3.55 level.
- Recovery attempts visible at $3.42 support with above-average volume during 01:00-02:00 period.
- Lower highs forming a descending trendline, indicating continued bearish pressure.
- Flash crash occurred between 09:37-09:38, with price plummeting from $3.45 to $3.40.
- Extraordinary volume of 4.3 million units recorded during the flash crash.
- V-shaped reversal pattern formed, reclaiming approximately 60% of losses.
- Price stabilization around $3.43-$3.44 range.
- Key support at $3.40 showing substantial buying interest across multiple timeframes.
- New resistance formed at $3.45-$3.46, creating a consolidation range. Diminishing selling pressure suggests potential near-term stabilization.
