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5.08%SUI Plunges 9% Amid Flash Crash and Extraordinary Selling Volume
Sui token stabilizes around $3.43 after dramatic midnight selloff and recovery pattern forms
What to know:
- A flash crash between 09:37-09:38 saw price drop from $3.45 to $3.40 with extraordinary volume exceeding 4.3 million units.
- Despite the correction, key support emerged at $3.40 with substantial buying interest, suggesting potential stabilization around $3.43-$3.44.
SUI plummeted 9.25% from $3.72 to $3.38, with heaviest selling during midnight hours UTC on volume 78% higher than daily average
The recent correction comes amid broader geopolitical tensions affecting cryptocurrency markets globally.
STORY CONTINUES BELOW
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While Bitcoin has shown resilience above critical resistance zones, SUI has faced downward pressure despite strong fundamentals.
The Cetus Protocol exploit that resulted in $223 million in stolen assets (with $162 million frozen) has created uncertainty, though the Sui community appears poised to approve a recovery plan with 71% of validators already voting "yes" to return the frozen funds.
Technical Analysis Breakdown
- SUI-USD dropped from a high of $3.728 to a low of $3.383, representing a 9.25% correction.
- Strongest selling pressure occurred during the midnight hour (00:00) with 4.0% price drop on 78% higher-than-average volume.
- Strong resistance established at $3.55 level.
- Recovery attempts visible at $3.42 support with above-average volume during 01:00-02:00 period.
- Lower highs forming a descending trendline, indicating continued bearish pressure.
- Flash crash occurred between 09:37-09:38, with price plummeting from $3.45 to $3.40.
- Extraordinary volume of 4.3 million units recorded during the flash crash.
- V-shaped reversal pattern formed, reclaiming approximately 60% of losses.
- Price stabilization around $3.43-$3.44 range.
- Key support at $3.40 showing substantial buying interest across multiple timeframes.
- New resistance formed at $3.45-$3.46, creating a consolidation range. Diminishing selling pressure suggests potential near-term stabilization.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
AI Boost
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk's AI Policy.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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