Sui price competitively while the mainnet goes through a network

Sui’s price remained tense on January 14 as the main grid suffered an outage and a network outage.

Sui Coin (SUI) was trading at $1.8510, up ~40% from the low of the year, and hovering around its highest since November. Its market capitalization has risen to over $7 billion, making it the 17th largest coin in the industry.

In a statement, the team said the mainnet was experiencing a network outage and was working on a fix.

This outage was the largest event to hit the network after the Cetus Protocol hack that cost users between $223 million and $260 million. More than 62,000 users were affected.

Sui has become one of the biggest players in the crypto industry. Data collected by DeFi Call Shows that the network has a total value of more than $1.6 billion, up from a low of $1.35 billion in December. Some of the largest protocols in the network are NAVI Protocol, Suilend, Bluefin and Haedal.

More data shows that the Sui Network has transacted more than $4.1 billion this month. This means volume is likely to exceed last month’s $6.6 billion. Furthermore, the market cap of stablecoins is almost $500 million, down from $1.17 billion in October.

Sui price technical analysis

The daily chart shows that 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 created a break-and-retest pattern, a common bullish continuation sign in technical analysis. It has risen above the 50-day exponential moving average and is approaching the 23.6% Fibonacci Retracement level.

Therefore, the most likely Sui forecast is bullish, with the main target being $2.50, the 38.2% retracement level. Such a move is a 30% jump above current levels.

On the other hand, a move below the support at $1.7693 will invalidate the bullish forecast. Such a move will indicate a further downtrend, possibly before the support at $1.50.