The Cryptocurrency Market faces headwinds as geopolitical tensions and security concerns weigh on investor mood.
Suis sharp falls overnight coincides with a wider uncertainty in the market, although a strong buyer interest arose at the support levels around $ 3.40- $ 3.42.
Meanwhile, the SUI community has gathered behind Cetus Protocol’s restore efforts after its recent hack, where Validators’ overwhelming approves a plan to return frozen funds to affected users.
Technical analysis highlights
- SUI -USD dropped the broken from $ 3.59 to a low level of $ 3.38 during the midnight time with extraordinary volume (24.8 m) – more than tripled the average hour of trade activity.
- The total range of $ 0.225 (6.25%) shows significant market uncertainty with a pricing of support for $ 3.40- $ 3.42 at high volume, suggesting strong buyer interests at these levels.
- After the sharp decline, SUI has established a recovery pattern and formed a rising channel with resistance around $ 3.50, although Momentum seems to be declining as shown in the recent rejection of $ 3.48 with rising sales pressure.
- Price action formed a falling channel from $ 3.48 to a low level of $ 3.42, with remarkable support appeared at $ 3.43.
- Volume spiked dramatically at. 14:00 and reached 545,865 units – almost 4x per hourly average – along with a strong rejection of $ 3.43 to $ 3.44.
- The subsequent rejection of $ 3.44 and Retracement to $ 3.43 suggests the formation of a potential range-bound pattern with immediate resistance to $ 3.44 and support for $ 3.43, indicating the market’s indecision after the previous sharp fall.
