The Sui network has stopped producing blocks for over two hours, causing a significant drop in the token price. Data from suivision and suiscan shows that block generation stopped today at 09:15 UTC, and the network has not yet returned to normal operation. This marks the first major interruption for the project, which is touted as a 'Solana killer.'
SUI price plummeted after the network interruption.
Community members believe that issues with the validators may be the cause of the interruption. Validators are crucial for processing transactions and maintaining the integrity of the blockchain, but they seem to be experiencing problems.
status.sui.io, the official status page, acknowledged the issue, stating they are 'continuing to investigate' and confirmed that 'validators have gone offline.' Despite these updates, the development team has not released an official statement detailing the root cause or providing a timeline for resolution.
The blockchain security company PeckShieldAlert confirmed the interruption and noted that "the Sui blockchain network seems to be experiencing delays, with reports indicating that the latest blocks were produced over an hour ago."
The incident sparked discussions on social media, with several members of the crypto community drawing parallels between the current state of Sui and past network interruptions of Solana.
Crypto analyst Quinten 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 downtime, stating that their response could either 'undermine or strengthen trust in the chain.' They added a personal note saying, 'Let me ignore this Solana-type FUD and look for an entry. Minimum $5.'
Ben Armstrong, known as BitBoy, shared his thoughts on the matter: "I paused to officially declare SUI the next SOL. How many times must I say it? Can't wait to hear what the team thinks about this. Solana taught us that a blockchain being overloaded is much better than not being used at all."
Following the news of the interruption, the token's price dropped by 7%. In the past 24 hours, the price of SUI has fallen by nearly 10%, reflecting investor concerns about the network's reliability.
Despite this setback, SUI remains one of the few altcoins to have hit an all-time high during the current market cycle. The price drop has taken the token to a critical support level of $3.24 at the 1.618 Fibonacci extension. If this support holds, SUI may be poised for another increase, potentially targeting the 2.618 Fibonacci extension level of $4.97.
As of the time of writing, the trading price of SUI is $3.39.
