The SUI token showed signs of stabilization near $3.43 following a sharp selloff around midnight UTC and a subsequent recovery pattern.
SUI plunged 9.25%, falling from $3.72 to $3.38, with the heaviest selling activity occurring during the midnight hours. Trading volume during this period surged to 78% above the daily average, highlighting intense market pressure.
This recent correction coincides with ongoing geopolitical tensions impacting crypto markets worldwide. While Bitcoin has maintained strength above key resistance levels, SUI has experienced downward pressure despite solid fundamentals.
Adding to the uncertainty is the Cetus Protocol exploit, which led to $223 million in stolen assets—of which $162 million has been frozen. However, the Sui community appears optimistic, with 71% of validators voting in favor of a recovery plan aimed at returning the frozen funds.
Technical Analysis Highlights
- SUI/USD dropped from a high of $3.73 to a low of $3.38, a 9.25% correction.
- The strongest selloff occurred around midnight (00:00 UTC), with a 4% price drop on trading volumes 78% higher than average.
- Resistance was firmly established at the $3.55 level.
- Recovery attempts took place near $3.42 support, accompanied by above-average volume between 01:00 and 02:00 UTC.
- A descending trendline of lower highs signals ongoing bearish pressure.
- A flash crash between 09:37 and 09:38 saw the price drop sharply from $3.45 to $3.40.
- Extraordinary volume of 4.3 million tokens was recorded during the flash crash.
- A V-shaped reversal recovered roughly 60% of the losses.
- Price stabilized in the $3.43 to $3.44 range afterward.
- Strong support at $3.40 showed significant buying interest across timeframes.
- New resistance formed around $3.45-$3.46, indicating a consolidation phase with declining selling pressure, suggesting potential near-term stabilization.
