SUI Falls 9% as Flash Crash Triggers Massive Selling Pressure

SUI token showed signs of recovery after a sharp midnight selloff, stabilizing around $3.43 following a volatile trading session.

The token plunged 9.25%, dropping from $3.72 to a low of $3.38, as selling pressure intensified during the midnight UTC hours. Trading volume spiked to 78% above the daily average, reflecting significant market activity.

This price correction occurs amid growing geopolitical tensions affecting global cryptocurrency markets. While Bitcoin maintains strength above key resistance levels, SUI continues to experience downward pressure despite strong fundamentals.

Adding to market uncertainty is the recent Cetus Protocol hack, which saw $223 million stolen, with $162 million currently frozen. The Sui community is moving forward with a recovery plan, with 71% of validators voting in favor of returning the frozen funds.

Technical Breakdown

SUI/USD dropped from $3.73 to $3.38, marking a 9.25% decline.
Peak selling occurred around midnight (00:00 UTC), with a 4% price dip on elevated volume.
Resistance solidified at the $3.55 level.
Support at $3.42 triggered recovery attempts, supported by higher-than-average volume between 01:00 and 02:00 UTC.
Lower highs formed a descending trendline, signaling continued bearish momentum.
A flash crash between 09:37 and 09:38 saw prices fall from $3.45 to $3.40 amid extraordinary volume of 4.3 million tokens.
A V-shaped rebound recaptured roughly 60% of losses.
Prices stabilized near $3.43-$3.44.
Strong buying interest emerged at $3.40 support across several timeframes.
New resistance formed around $3.45-$3.46, suggesting a consolidation phase and easing selling pressure.