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.

Summary

• 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 

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.