Sui (SUI) $SUI eperienced a sharp 6% decline overnight, ropping from $3.59 to a low of $3.38 before finding support at the $3.40 level. This downturn was accompanied by extraordinary trading volume, with over 24.8 million units exchanged—more than triple the average hourly activity .
The sell-off coincided with broader market volatility, influenced by geopolitical tensions, particularly stalled trade negotiations between the U.S. and China, and concerns surrounding the Cetus Protocol exploit, which saw $223 million in assets compromised. However, the Sui $SUI community has shown resilience, with over 90% of validators approving a recovery plan to return $162 million in frozen funds to affected users .
Technical analysis indicates that after the initial plunge, SUI formed an ascending channel, attempting to recover towards the $3.50 resistance level. However, momentum appears to be waning, with recent rejections at $3.48 and increased selling pressure suggesting potential consolidation in the near term .
The $3.40 support level remains critical. A decisive break below this could prompt further declines, potentially dragging SUI$SUI towards the $3.20–$2.90 zone. Conversely, maintaining support above $3.75 and reclaiming $3.85 resistance could trigger a renewed bullish phase.
Investors should monitor these key levels and stay informed about broader market developments, as SUI's price action continues to reflect the dynamic interplay of technical factors and market sentiment.
