Attention has been on SUI following its network downtime on Thursday. The SUI blockchain experienced its first network outage caused by a bug in the congestion control code.
According to a post by the network developers, this control code was recently upgraded to allow for better-shared object utilization, but it is clear that some work still needs to be done.
Network activity was restored after 2.5 hours, and everything returned to normal.
What you'll learn 👉
SUI Community Remains Strong
For a long time, many SUI enthusiasts have boasted that the network has never experienced downtime, especially compared to Ethereum, which has had a couple of downtimes this year. What happened yesterday revealed that it was only a matter of time. However, this does not seem to have affected the general sentiment around the coin.
BREAKING: $SUI (@SuiNetwork) TOPS ALL OTHER CHAINS IN DAILY NETFLOW IN THE LAST 24 HOURS pic.twitter.com/rAUmB879mK
— JoshuaOrhue.sui (@JoshuaOrhue_) November 22, 2024
Based on a report by Joshua Orhue, whose X description suggests he is one of the SUI network developers, SUI has had the highest daily inflow of funds today compared to other chains in the last 24 hours. This reflects the community’s commitment to the token and what it offers.
Read Also: This Stellar (XLM) Price Pattern Could Lead to a 50x Rally
SUI Price Bearish: Support Must Hold for Bullish Recovery
However, looking at the price action, SUI is not looking strong at this time. The price experienced a prolonged bullish rally but started to dip after reaching a high of around $3.90.
Following this, SUI has been experiencing a bearish sideways movement, with the price breaking a key support level around $3.69.
The price is currently eyeing another support level at around $3.00. This support must hold for the price to stage a strong bullish recovery; breaking below this support could lead to much lower prices.
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