The Sui blockchain, which had been marketed as a high-performance competitor to Solana, experienced a major disruption today. According to a tweet from Solid Intel (@solidintel_x), the blockchain stopped producing blocks for 45 minutes (at the time of the tweet).
Moreover, this development has raised concerns among investors and traders, triggering discussions about the platform’s reliability. Another tweet from X user Ajay Kashyap called out Sui’s ambitious claims, stating, “And they claimed to be a Solana Killer.”
Simultaneously, the price of SUI, the native token of the blockchain, has declined lately. As of this writing, SUI trades at $3.42. This is a drop of 9.25% over the past day, with a trading volume of $1.78 billion, according to data from CoinGecko.
INTEL: $SUI BLOCKCHAIN DOWN, NOT PRODUCED ANY BLOCK IN THE PAST 45 MINUTES
— Solid Intel (@solidintel_x) November 21, 2024
Blockchain Downtime Raises Concerns
The reported downtime in block production is a challenge for the Sui blockchain. Solid Intel’s announcement has led to speculation regarding the cause of the outage and its potential impact on network security and functionality. Blockchain downtimes are rare but often lead to a loss of confidence among users and investors.
Ajay Kashyap’s remarks further add to the narrative, highlighting that such outages could undermine Sui’s positioning as a competitor to Solana. The blockchain’s promise of high efficiency and reliability now faces scrutiny as users await official clarification.
$SUI blockchain is down And they claimed to be a Solana Killer pic.twitter.com/CzyVi151mQ
— Ajay Kashyap (@EverythingAjay) November 21, 2024
SUI Token Faces Price Correction
The SUI token’s price is reflecting the network’s operational issues. An analysis on TradingView shows a price drop of 3.28% in the most recent session, with the token currently testing key support levels.
The recent price movement marks a deviation from the strong uptrend that began in mid-August, suggesting a potential correction is underway. Indicators such as the Bollinger Bands and MACD also point to declining bullish momentum.
Source: TradingView
The Bollinger Bands indicate normalization after an overbought condition, while the MACD has signaled a bearish crossover. These technical signals align with the broader price drop.
Read also: This Meme Coin Trader Updates His Shiba Inu (SHIB) Price Prediction
Key Support and Resistance Levels
The $3.00 level is an immediate support, while $2.72 aligns with the 0.618 Fibonacci retracement level and prior consolidation zones. Resistance levels include $3.44 and $4.35, with the latter marking the token’s recent peak.
If the price breaks below the $3.00 mark, there could be a potential drop to $2.72 or lower. On the other hand, a breakout above $3.44 could indicate a recovery.
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