coindesk.com
The cryptocurrency market faces headwinds as geopolitical tensions and security concerns weigh on investor sentiment.
$SUI's sharp overnight decline coincides with broader market uncertainty, though strong buyer interest emerged at support levels around $3.40-$3.42.
Meanwhile, the Sui community has rallied behind Cetus Protocol's recovery efforts following its recent hack, with validators overwhelmingly approving a plan to return frozen funds to affected users.
Technical Analysis Highlights
- $SUI-USD dropped precipitously from $3.59 to a low of $3.38 during the midnight hour with extraordinary volume (24.8M) - more than triple the average hourly trading activity.
- The overall range of $0.225 (6.25%) demonstrates substantial market uncertainty, with price finding support at $3.40-$3.42 on high volume, suggesting strong buyer interest at these levels.
- Following the sharp decline, $SUI has established a recovery pattern, forming an ascending channel with resistance around $3.50, though momentum appears to be waning as evidenced by the recent rejection at $3.48 with increasing selling pressure.
- Price action formed a descending channel from $3.48 to a low of $3.42, with notable support emerging at $3.43.
- Volume spiked dramatically at 14:00, reaching 545,865 units—nearly 4x the hourly average—coinciding with a strong bounce from $3.43 to $3.44.
- The subsequent rejection at $3.44 and retracement to $3.43 suggests the formation of a potential range-bound pattern, with immediate resistance at $3.44 and support at $3.43, indicating market indecision following the earlier sharp decline.