SUI Slides 6% Overnight Before Stabilizing at $3.40 Support Level
SUI plunged 6% during overnight trading, falling from $3.59 to a low near $3.38 amid heightened market volatility. Buyers quickly moved in at the $3.40 support zone, helping to stabilize the token and prevent further losses.
The sell-off was accompanied by an unusually high trading volume of 24.8 million units, over three times the normal hourly average, reflecting increased activity and uncertainty among traders. After bottoming out, SUI formed an ascending channel but faced resistance around $3.50.
Price action showed a retracement from $3.44 back to $3.43, indicating hesitation as the market attempts to find direction. The current trading range between $3.43 and $3.44 suggests a consolidation phase following the sharp drop.
Meanwhile, the Sui community demonstrated strong backing for the Cetus Protocol recovery plan after a recent security breach, with validators approving asset unfreezing and restitution, signaling confidence in the network’s recovery efforts.
