The cryptocurrency market faces headwinds as geopolitical tensions and security concerns weigh on investor sentiment.
SUI’s sharp overnight decline coincides with broader market uncertainty, though strong buyer interest emerged at support levels around $3.40-$3.42.
📖 Related Reading
- 📰 Bitcoin Slips Below $104K, Cryptos Slide as U.S.-China Tariff Tensions Flare Up
- 📰 Polygon NFTs hit $2B sales milestone as network defies downturn
Meanwhile, the Sui community has rallied behind Cetus Protocol’s recovery efforts following its recent hack, with validators overwhelmingly approving a plan to return frozen funds to affected users.
Technical Analysis Highlights
📖 Related Reading
-
📰 $302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
- SUI-USD dropped precipitously from $3.59 to a low of $3.38 during the midnight hour with extraordinary volume (24.8M) - more than triple the average hourly trading activity.
- The overall range of $0.225 (6.25%) demonstrates substantial market uncertainty, with price finding support at $3.40-$3.42 on high volume, suggesting strong buyer interest at these levels.
- Following the sharp decline, SUI has established a recovery pattern, forming an ascending channel with resistance around $3.50, though momentum appears to be waning as evidenced by the recent rejection at $3.48 with increasing selling pressure.
- Price action formed a descending channel from $3.48 to a low of $3.42, with notable support emerging at $3.43.
- Volume spiked dramatically at 14:00, reaching 545,865 units—nearly 4x the hourly average—coinciding with a strong bounce from $3.43 to $3.44.
- The subsequent rejection at $3.44 and retracement to $3.43 suggests the formation of a potential range-bound pattern, with immediate resistance at $3.44 and support at $3.43, indicating market indecision following the earlier sharp decline.
🔗 You Might Also Be Interested In
📖 Related Reading
- 📰 Here’s what happened in crypto today
- 📰 $302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
Bitcoin Slips Below $104K, Cryptos Slide as U.S.-China Tariff Tensions Flare Up
Polygon NFTs hit $2B sales milestone as network defies downturn
📖 Related Reading
- 📰 Here’s what happened in crypto today
- 📰 $302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
🔗 You Might Also Be Interested In
Here’s what happened in crypto today
$302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
Ripple’s Stablecoin, RLUSD, Gets Stamp of Approval in Dubai
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
🔗 You Might Also Be Interested In
Here’s what happened in crypto today
$302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
Ripple’s Stablecoin, RLUSD, Gets Stamp of Approval in Dubai
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
🔗 You Might Also Be Interested In
Here’s what happened in crypto today
$302 Million Lost to Crypto Scams, Hacks, and Exploits in May: CertiK
Ripple’s Stablecoin, RLUSD, Gets Stamp of Approval in Dubai
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!