SUI Falls 6% Overnight as Buyers Emerge at $3.40 Support
The cryptocurrency market is under pressure from geopolitical tensions and security concerns, impacting investor sentiment.
SUI's price fell sharply overnight but found support around $3.40-$3.42 due to strong buyer interest. The Sui community is supporting recovery efforts for Cetus Protocol after a recent hack, with validators approving a plan to return frozen funds to affected users.
Technical Analysis Highlights
- SUI-USD declined from $3.59 to a low of $3.38, with trading volume reaching 24.8M, over three times the average.
- The price range of $0.225 (6.25%) indicates significant market uncertainty, finding support at $3.40-$3.42 on high volume.
- A recovery pattern is forming in an ascending channel with resistance near $3.50, though momentum is decreasing after a rejection at $3.48.
- A descending channel emerged from $3.48 to $3.42, with notable support at $3.43.
- Volume spiked to 545,865 units at 14:00, nearly four times the hourly average, leading to a bounce from $3.43 to $3.44.
- The rejection at $3.44 and retracement to $3.43 indicate a potential range-bound pattern, with immediate resistance at $3.44 and support at $3.43, reflecting market indecision.