The Sui network has halted block production for over two hours, leading to a sharp decline in token prices. Data from suivision and suiscan indicate that block production stopped today at 09:15 UTC, and the network has not yet returned to normal operation. This is the first major outage for the project, which has been dubbed a "Solana killer."
SUI price plummets after network outage
Community members believe that issues with validators may be the cause of the outage. Validators are crucial for processing transactions and maintaining the integrity of the blockchain, but they seem to be encountering problems.
The official status page status.sui.io acknowledged the issue and stated that they are "continuing to investigate" and confirmed that "validators have been shut down." Despite these updates, the development team has not released an official statement detailing the root cause or providing a timeline for resolution.
Blockchain security firm PeckShieldAlert has confirmed the outage, noting that "the Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block was generated an hour ago."
#PeckShieldAlert #The Sui blockchain network appears to be experiencing delays, with reports indicating that the latest block was generated an hour ago pic.twitter.com/KHFpmMqKxB
— PeckShieldAlert (@PeckShieldAlert) November 21, 2024
The event has sparked discussion on social media, with some members of the crypto community comparing Sui's current situation to past network outages of Solana.
Cryptocurrency analyst Quinten Francois commented: "SUI has been offline for 55 minutes, during which no blocks have been generated. SOL 2.0?" Similarly, WantCoinNews expressed interest in how the Sui community and developers handle the downtime, noting that their response could "break or strengthen trust in the chain." They added a personal note stating, "Let me ignore this Solana-type FUD and look for entry. Minimum $5."
Ben Armstrong, known as BitBoy, commented on the situation: "After careful consideration, I announce that SUI has officially become the next SOL. How many times do I have to say it? Can't wait to hear the team's thoughts on this. Solana taught us that being overwhelmed is much better than not being used at all."
After the outage news broke, the token's price dropped by 7%. In the past 24 hours, SUI's price has fallen by nearly 10%, reflecting investor concerns about the reliability of the network.
Despite setbacks, SUI remains one of the few altcoins that has reached an all-time high in the current market cycle. The price drop has brought the token down to a key support level of $3.24, which corresponds to the 1.618 Fibonacci extension. If this support level holds, SUI may be poised for another rise, with a target that could be the 2.618 Fibonacci extension at $4.97.
As of the time of writing, SUI's stock price is $3.39.
