coindesk.com
$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.