SUI Plummets 9.25% Amid Geopolitical Tensions and Market Uncertainty

SUI, a prominent cryptocurrency, experienced a significant decline of 9.25%, dropping from $3.72 to $3.38. The heaviest selling occurred during the midnight hours UTC, with trading volume 78% higher than the daily average. This abrupt correction comes amidst broader geopolitical tensions that have been affecting cryptocurrency markets globally.

Despite Bitcoin's resilience above critical resistance zones, SUI has faced downward pressure. This pressure is notable given SUI's strong fundamentals, which typically would suggest a more stable performance. The recent exploit of the Cetus Protocol, which resulted in $223 million in stolen assets (with $162 million frozen), has added to the uncertainty in the market. However, the Sui community appears to be taking proactive steps, with 71% of validators already voting "yes" to approve a recovery plan aimed at returning the frozen funds.

Technical analysis reveals that SUI-USD dropped from a high of $3.728 to a low of $3.383, marking a 9.25% correction. The strongest selling pressure was observed during the midnight hour (00:00), with a 4.0% price drop on volume that was 78% higher than average. A strong resistance level has been established at $3.55, while recovery attempts were visible at the $3.42 support level, with above-average volume during the 01:00-02:00 period. The formation of lower highs indicates a descending trendline, suggesting continued bearish pressure.

A flash crash occurred between 09:37 and 09:38, with the price plummeting from $3.45 to $3.40. During this flash crash, an extraordinary volume of 4.3 million units was recorded. Following the flash crash, a V-shaped reversal pattern formed, reclaiming approximately 60% of the losses. The price has since stabilized around the $3.43-$3.44 range, with key support at $3.40 showing substantial buying interest across multiple timeframes. New resistance has formed at the $3.45-$3.46 level, creating a consolidation range. The diminishing selling pressure suggests potential near-term stabilization for SUI.