Cryptocurrency Market Sees Volatility Amid Geopolitical Tensions and Protocol Recovery Efforts
The crypto market is grappling with heightened volatility as geopolitical tensions and ongoing protocol recovery initiatives send mixed signals to traders.
SUI experienced a steep overnight drop, reflecting broader market uncertainty, yet buyers stepped in firmly around key support levels between $3.40 and $3.42.
In parallel, the Sui community has shown strong support for Cetus Protocol’s recovery plan following its recent hack. Validators have overwhelmingly approved the proposal to unfreeze and return assets to impacted users, signaling confidence in the project’s resilience.
Technical Analysis Overview
- SUI plunged from $3.59 to a low of $3.38 during the midnight trading session, accompanied by exceptionally high volume of 24.8 million units—more than three times the typical hourly average.
- The $0.225 (6.25%) price range highlights significant market uncertainty, but robust buying interest surfaced at $3.40-$3.42, suggesting a critical support zone.
- After the sharp decline, SUI began forming an ascending channel with resistance near $3.50. However, momentum showed signs of fading, as reflected by a recent rejection at $3.48 and mounting selling pressure.
- Price action traced a descending channel from $3.48 down to $3.42, with meaningful support around $3.43.
- At 14:00, volume surged to 545,865 units—almost four times the hourly average—fueling a bounce from $3.43 to $3.44.
- The subsequent pullback from $3.44 to $3.43 points to a possible range-bound pattern, with immediate resistance at $3.44 and support at $3.43, indicating trader hesitation following the volatile drop.
