Following a sharp selloff during the midnight trading session, the SUI token has found footing around $3.43 as a recovery pattern emerges.
SUI dropped sharply by 9.25%, sliding from $3.72 down to $3.38, with the most intense selling occurring during the midnight UTC hours. Trading volumes spiked to 78% above the daily average, highlighting heavy market activity.
This correction comes amid heightened geopolitical tensions affecting crypto markets globally. While Bitcoin remains resilient above key resistance levels, SUI has faced persistent selling pressure despite its strong fundamentals.
Adding to the uncertainty is the Cetus Protocol exploit, where $223 million in assets were stolen—$162 million of which has been frozen. Encouragingly, 71% of Sui validators have voted in favor of a recovery plan aimed at restoring the frozen funds.
Technical Highlights
- SUI/USD declined from a peak of $3.73 to a low of $3.38, marking a 9.25% correction.
- The heaviest selling took place during the midnight hour (00:00 UTC), with a 4% drop on volume 78% above average.
- Resistance has formed firmly at $3.55.
- Support at $3.42 saw recovery attempts with above-average volume between 01:00 and 02:00 UTC.
- A descending trendline of lower highs indicates ongoing bearish momentum.
- A flash crash between 09:37 and 09:38 resulted in a sharp drop from $3.45 to $3.40 on extraordinary volume of 4.3 million tokens.
- A V-shaped rebound recovered approximately 60% of the lost value.
- Price consolidation settled around $3.43 to $3.44.
- Robust buying interest at $3.40 support was visible across multiple timeframes.
- New resistance has emerged near $3.45-$3.46, signaling a consolidation phase with easing selling pressure.
