SUI Experiences 9% Plunge Amid Sudden Crash and Heavy Sell-Off

SUI token steadied near $3.43 following a dramatic overnight selloff and a swift recovery phase.

The token plunged 9.25%, dropping from $3.72 to $3.38, with the most intense selling occurring during the midnight UTC window. Trading volumes surged 78% above the daily average, highlighting significant market volatility.

This correction aligns with broader geopolitical tensions currently impacting global cryptocurrency markets. While Bitcoin has held key resistance levels firm, SUI has struggled with downward pressure despite strong project fundamentals.

Compounding uncertainty is the recent Cetus Protocol hack, which resulted in $223 million in stolen funds, though $162 million has been frozen. Encouragingly, the Sui validator community appears ready to move forward, with 71% voting in favor of a recovery plan to reclaim the frozen assets.

Technical Summary

• SUI/USD fell sharply from $3.73 to $3.38, representing a 9.25% decline.
• Heavy selling pressure hit at midnight (00:00 UTC), with a 4% price drop on volume well above average.
• Resistance was established near $3.55.
• Support at $3.42 triggered recovery attempts with elevated volume during the 01:00 to 02:00 UTC window.
• A descending trendline of lower highs indicates ongoing bearish momentum.
• A flash crash occurred between 09:37 and 09:38, plunging the price from $3.45 to $3.40 on extraordinary volume of 4.3 million tokens.
• A strong V-shaped recovery reclaimed roughly 60% of the losses.
• The price stabilized between $3.43 and $3.44 following the rebound.
• Buying interest remained strong at the $3.40 support across multiple timeframes.
• New resistance formed around $3.45-$3.46, marking a consolidation phase with diminishing selling pressure.