SUI Plunges 9% as $116M DeFi Exploit Rattles Crypto Markets

SUI, the native token of the Sui blockchain, experienced a significant drop of over 9% on Tuesday, following a broader sell-off in response to a $116 million exploit of the DeFi protocol Balancer. This incident has severely shaken investor confidence. The token's price fell as low as $2.02, breaching critical support levels and prompting a wave of technical selling, with trading volume spiking to nearly 42.6 million tokens—68% higher than the daily average. The previous support level at $2.08 has now flipped to resistance, complicating recovery efforts, which have repeatedly failed. Analysts have pointed to the possibility of further declines unless SUI prices reclaim $2.07. With indicators suggesting classic capitulation behavior, the token faces technical targets near $1.95 and potential declines to as low as $1.98. The CoinDesk 5 Index, reflecting the performance of leading cryptocurrencies, also saw a decline of 1.15% amid the turmoil.

Source 🔗