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The Sui Network stopped producing blocks for more than two hours, leading to a sharp drop in the price of the token. Data from suivision and suiscan indicate that block creation stopped at 09:15 UTC today, and the network has not yet resumed normal operations. This marks the first major outage for the project, a blockchain project hailed as the “Solana killer.”
SUI price crash after network outage
Community members suggested that issues with auditors may be the cause of the disruption. Validators, who are essential for processing transactions and maintaining the integrity of the blockchain, appear to be having problems.
The official status page, Status.sui.io, acknowledges the issue, stating that they are “continuing to investigate” and confirming that “verifiers are down.” Despite these updates, the development team has not released an official statement detailing the root cause or providing a timeline for a resolution.
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Blockchain security firm PeckShieldAlert confirmed the disruption, noting, “The Sui blockchain network appears to be experiencing delays, with reports indicating that the last block was produced over an hour ago.”
#PeckShieldAlert #but The blockchain network appears to be experiencing delays, with reports indicating that the latest block was produced over an hour ago pic.twitter.com/KHFpmMqKxB
– Peak Shield Alert (@peakShieldAlert) November 21, 2024
The incident sparked discussions on social media, with many members of the cryptocurrency community comparing Sui’s current situation and the previous Solana network outage.
Cryptocurrency analyst Quentin Francois Comment“SUI has been down for 55 minutes, and no blocks were produced during this period. Sol 2.0?” Likewise, WantCoinNews expressed interest in how the Sui community and developers handled the downtime, noting that their response could “destroy or enhance trust in the chain.” They added a personal note, saying: “Let me ignore the Solana FUD type and look for entries. Minimum $5.”
Ben Armstrong, known as BitBoy, Weighed in On this matter: “With a big pause, I announce that SUI is officially the next SOL. How many times do I have to say that? I can’t wait to hear what the team thinks about this. Solana has taught us that it’s better to overwork the blockchain than not use it.
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Following news of the outage, the price of the token fell by 7%. Over the past 24 hours, the price of SUI has fallen by approximately 10%, reflecting investor concerns about the reliability of the network.
Despite this setback, SUI remains one of the few altcoins to reach a new all-time high in the current market cycle. The price decline brings the token to a critical support level at the 1.618 Fibonacci extension at $3.24. If this support holds, SUI could be preparing for another upward move, potentially targeting the 2.618 Fibonacci extension level at $4.97.
At press time, SUI was trading at $3.39.
Featured image of X, chart from TradingView.com