SUI Price Crashes 10% Amid Blockchain Outage
The Sui network has stopped producing blocks for more than two hours, causing the token price to plummet. Data from suivision and suiscan show that block generation stopped at 09:15 UTC today and the network has not yet returned to normal operations. This marks the first major disruption for the project, which has been hailed as the “Solana Killer“.
SUI prices plummet after network outage
Community members suggested that issues with validators may have been the cause of the outage. Validators, which are crucial for processing transactions and maintaining the integrity of the blockchain, appear to be experiencing problems.
The official status page status.sui.io acknowledged the issue, saying they were “continuing to investigate” and confirmed that “the validator is down.” Despite these updates, the development team has yet to issue an official statement detailing the root cause or providing a timeline for resolution.
Related reading
Blockchain security firm PeckShieldAlert confirmed the outage, noting that “there appears to be a delay on the Sui blockchain network, with reports indicating that the latest block was produced more than an hour ago.”
#PeckShieldAlert #sui The blockchain network appears to be experiencing delays, with reports suggesting the latest block was generated over an hour ago pic.twitter.com/KHFpmMqKxB
— PeckShieldAlert (@PeckShieldAlert) November 21, 2024
The incident sparked discussion on social media, with some members of the cryptocurrency community comparing Sui’s current situation to Solana past network outages.
Cryptocurrency Analyst Quentin Francois commented“SUI has been down for 55 minutes, during which no blocks were produced. Sol 2.0?” Similarly, WantCoinNews expressed interest in how the Sui community and developers will handle the outage, saying that their response may “undermine or strengthen trust in the chain.” “. They added a personal note, saying: “Let me ignore this Solana type FUD and look for the entry. Minimum $5.”
Ben Armstrong, nicknamed BitBoy, weighing On the matter: “After a long pause, I’m officially announcing SUI as the next SOL. How many times do I have to say it? Can’t wait to hear what the team has to say about it. Solana tells us that blockchain is more flooded than not used Much better.”
Related reading
After news of the outage broke, the token price fell by 7%. SUI prices have fallen nearly 10% in the past 24 hours, reflecting investor concerns about network reliability.
Despite this setback, SUI remains one of the few companies with achieve All-time highs for the current market cycle. The price decline took the coin to the key support level at 1.618 Fibonacci extension at $3.24. If this support holds, SUI could rise again, possibly targeting the 2.618 Fibonacci extension level at $4.97.
At press time, SUI was trading at $3.39.
Featured image from X, chart from TradingView.com
