Sui price on edge as its mainnet goes through a network stall
Sui price remained on edge on January 14 as the mainnet suffered a glitch and a network stall.
- Sui price rose despite the network suffering a major glitch.
- The glitch led to a network stall that affected its activity.
- Technical analysis suggests that it may be ripe for a bullish breakout.
Sui Coin (SUI) was trading at $1.8510, up by ~40% from the year’s lowest level, and is hovering near the highest point since November. Its market capitalization has increased to over $7 billion, making it the 17th-largest coin in the industry.
In a statement, the team reported that the mainnet experienced a network stall and was working on a solution.
This outage was the biggest event in the network after the Cetus Protocol hack that cost users between $223 million and $260 million. Over 62,000 users were affected.
Sui has become one of the biggest players in the crypto industry. Data compiled by DeFi Llama shows that the network has a total value locked of over $1.6 billion, up from the December low of $1.35 billion. Some of the biggest protocols in the network are NAVI Protocol, Suilend, Bluefin, and Haedal.
More data shows that Sui network has handled over $4.1 billion this month. This means that the volume will likely cross last month’s $6.6 billion. Also, its stablecoin market cap stands at nearly $500 milion, down from over $1.17 billion in October.
Sui price technical analysis
Sui Coin price chart | Source:
crypto.news
The daily chart shows that the Sui Coin price formed a triple-bottom pattern at $1.3214 and a neckline at $1.769. A triple-bottom is a popular bullish reversal pattern.
Sui has made a break-and-retest pattern, a common bullish continuation sign in technical analysis. It has moved above the 50-day Exponential Moving Average and is nearing the 23.6% Fibonacci Retracement level.
Therefore, the most likely Sui forecast is bullish, with the key target being at $2.50, the 38.2% retracement level. Such a move is a 30% jump above the current level.
On the other hand, a move below the support at $1.7693 will invalidate the bullish forecast. Such a move will indicate further downside, potentially to the support at $1.50.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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