SUI Drops 6% Overnight Before Finding Solid Support at $3.40
SUI took a sharp 6% tumble overnight, slipping from $3.59 down to $3.38 amid volatile market conditions. However, buyers quickly stepped in near the $3.40 mark, providing much-needed support and halting the decline.
Trading volumes surged dramatically to 24.8 million units during the dip, more than triple the usual hourly average, underscoring heightened market activity. Following the sell-off, SUI attempted to recover, forming an ascending channel with resistance just under $3.50.
Despite this rebound effort, selling pressure has returned, pushing prices back slightly from $3.44 to $3.43. The token now trades within a narrow range between $3.43 and $3.44 as investors remain cautious after the steep drop.
In other news, the Sui community has rallied behind Cetus Protocol’s recovery initiative after a recent hack, with validators endorsing the plan to unfreeze assets and compensate affected users, highlighting ongoing efforts to strengthen the network’s security and trust.
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