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SUI Plunges 6% Overnight Before Buyers Step in at $3.40 Support
Market volatility intensified as geopolitical tensions and protocol recovery efforts create conflicting signals for traders
May 30, 2025, 2:30 p.m.
What to know:
- SUI experienced dramatic overnight volatility, plunging from $3.59 to $3.38 before finding support and attempting recovery.
- Cetus Protocol's recovery plan has been approved with over 90% of validators voting "yes" to return $162 million in frozen funds following last week's $223 million exploit.
- Trade tensions between US and China have spooked markets, with reports of "stalled" negotiations contributing to risk-off sentiment across cryptocurrency markets.
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.
STORY CONTINUES BELOW
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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
- 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.
AI 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.
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