SUI Plunges 9% Amid Flash Crash and Extraordinary Selling Volume
SUI experienced a significant dip of 9.25%, dropping from $3.72 to $3.38, with the most selling happening during midnight UTC hours on volume that was 78% higher than the daily average. This correction comes at a time of heightened geopolitical tensions impacting cryptocurrency markets around the world.
While Bitcoin has been holding strong above key resistance levels, SUI has been facing downward pressure despite its strong fundamentals. The recent Cetus Protocol exploit resulted in $223 million in stolen assets, with $162 million frozen. This uncertainty has led the Sui community to consider a recovery plan, with 71% of validators already in favor of returning the frozen funds.
On the technical side, SUI-USD saw a drop from $3.728 to $3.383, marking a 9.25% correction. The strongest selling pressure occurred at midnight, with a 4.0% price drop on volume that was 78% higher than average. Despite a strong resistance level at $3.55, recovery attempts were seen at the $3.42 support level with above-average volume during a specific timeframe.
Overall, the technical analysis shows a descending trendline with lower highs, indicating ongoing bearish pressure. Despite a flash crash and subsequent V-shaped reversal pattern, the price has stabilized around the $3.43-$3.44 range with key support at $3.40. A new resistance level has formed at $3.45-$3.46, suggesting potential near-term stabilization as selling pressure diminishes.
