SUI Drops 9.25% Amid Flash Crash and High Selling Volume
SUI experienced a 9.25% decline, dropping from $3.72 to $3.38, with significant selling occurring during midnight UTC and volume 78% above the daily average. This correction coincides with broader geopolitical tensions impacting cryptocurrency markets.
Despite Bitcoin maintaining resilience, SUI faces downward pressure despite its strong fundamentals. The Cetus Protocol exploit resulted in $223 million in stolen assets, with $162 million frozen. The Sui community is moving towards a recovery plan, as 71% of validators support the return of frozen funds.
Technical Analysis Breakdown
- SUI-USD fell from $3.728 to $3.383, marking a 9.25% correction.
- Peak selling pressure occurred at midnight (00:00), causing a 4.0% price drop on higher-than-average volume.
- Resistance identified at the $3.55 level.
- Recovery attempts noted at $3.42 support with increased volume between 01:00-02:00.
- Forming lower highs indicates ongoing bearish pressure.
- A flash crash occurred between 09:37-09:38, with prices dropping from $3.45 to $3.40.
- Volume surged to 4.3 million units during the flash crash.
- A V-shaped reversal pattern emerged, recovering about 60% of earlier losses.
- Price stabilized around the $3.43-$3.44 range.
- Key support at $3.40 shows strong buying interest across multiple timeframes.
- New resistance established at $3.45-$3.46, indicating a consolidation range with decreasing selling pressure, suggesting potential stabilization.