SUI Navigates Market Turbulence with Strong Support at $3.40

SUI saw a sharp 6% drop overnight, falling from $3.59 to $3.38 amid elevated trading volume, mirroring broader market jitters driven by geopolitical tensions and security concerns. Buyers stepped in aggressively at the $3.40-$3.42 support zone, signaling underlying confidence in the asset’s value.

The sui community has united behind Cetus Protocol’s recovery initiatives after a recent hack, with validators greenlighting a plan to restore frozen funds to impacted users. This coordinated effort highlights the robustness of decentralized ecosystems in tackling security incidents.

Technically, SUI-USD displayed extreme volatility, with trading volume soaring to 24.8M—three times the average hourly activity. The price formed an ascending recovery channel with resistance NEAR $3.50, though momentum faded after a rejection at $3.48. A subsequent descending channel emerged between $3.48 and $3.42, with notable support at $3.43.

Volume spiked again at 14:00, hitting 545,865 units—four times the hourly average—as price rebounded from $3.43 to $3.44. However, the rejection at $3.44 and pullback to $3.43 points to an ongoing tug-of-war between buyers and sellers.