SUI Network Halts Block Production for Over Two Hours
The Sui network halted block production for over two hours, resulting in a significant decline in the token's price. Data from suivision and suiscan indicate that block generation stopped at 09:15 UTC today, with no resumption of normal operations. This incident marks the first major outage for the blockchain, which has been referred to as a "Solana killer."
SUI Price Decline After Network Outage
Community members suggested that issues with validators may have caused the disruption. Validators are essential for processing transactions and maintaining the integrity of the blockchain.
The official status page, status.sui.io, confirmed the issue, stating they are "continuing to investigate" and that "validators are down." However, the development team has not provided details on the root cause or a timeline for resolution.
Blockchain security firm PeckShieldAlert confirmed the disruption, noting delays in the Sui blockchain network and indicating the last block was produced over an hour ago.
#PeckShieldAlert #Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block was produced over an hour ago pic.twitter.com/KHFpmMqKxB
— PeckShieldAlert (@PeckShieldAlert) November 21, 2024
The outage has generated discussions on social media, with comparisons made to past network outages experienced by Solana. Crypto analyst Quinten Francois noted that SUI had been down for 55 minutes without block production, questioning its status as "SOL 2.0." WantCoinNews highlighted that the response from the Sui community and developers could impact trust in the chain.
Ben Armstrong, known as BitBoy, commented on the situation, suggesting that SUI is becoming the next SOL and expressing anticipation for updates from the team.
In response to the outage, the token's price dropped by 7%. Over the past 24 hours, the SUI price has fallen nearly 10%, raising investor concerns regarding network reliability.
Despite this setback, SUI remains one of the few altcoins to have reached a new all-time high in the current market cycle. The price drop has brought the token to a critical support level at the 1.618 Fibonacci extension of $3.24. If this support holds, SUI might target the 2.618 Fibonacci extension level at $4.97.
At press time, SUI traded at $3.39.
