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The Sui Network has already halted block production for over two hours, leading to a sharp drop in the token’s price. Data from suivision and suiscan indicates that block generation stopped at 09:15 UTC today and the network has yet to resume normal operations. This marks the first major outage for the project, a blockchain that has been hailed as the ‘Solana killer’.
SUI price crashes after network outage
Community members have suggested that issues with validators may be the cause of the disruption. Validators, who are crucial for processing transactions and maintaining the integrity of the blockchain, appear to be experiencing problems.
The official status page, status.sui.io, acknowledges the issue, stating that they are “continuing to investigate” and confirming that “validators are unavailable.” Despite these updates, the development team has not released an official statement detailing the cause or providing a timeline for resolution.
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Blockchain security firm PeckShieldAlert confirmed the disruption, noting that the “Sui blockchain network appears to be experiencing delays, with reports indicating the last block was produced over an hour ago.”
#PeckShieldAlert #Sui The blockchain network appears to be experiencing delays, with reports indicating that the last block was produced more than an hour ago pic.twitter.com/KHFpmMqKxB
— PeckShieldAlert (@PeckShieldAlert) November 21, 2024
The incident has sparked discussions on social media, with several members of the crypto community drawing parallels between Sui’s current situation and Solana’s previous network outages.
Crypto analyst Quinten Francois commented“SUI has been disabled for 55 minutes and no blocks have been produced during this period. SOL 2.0?” Similarly, WantCoinNews expressed interest in how the Sui community and developers will handle the downtime, stating that their response could “destroy or strengthen trust in the chain.” They added a personal note saying, “Let me just ignore this Solana type FUD and look for mentions. Minimum $5.”
Ben Armstrong, better known as BitBoy, weighed on the matter: “With great pause, I officially declare SUI the next SOL. How many times do I have to say it? I can’t wait to hear from the team about this. Solana taught us that it is much better for a blockchain to be overwhelmed than for it not to be used.”
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Following news of the outage, the token’s price fell by 7%. Over the past 24 hours, the SUI price has fallen by almost 10%, reflecting investor concerns about the network’s reliability.
Despite this setback, SUI remains one of the few altcoins to hit a new all-time high in the current market cycle. The price dip takes the token to a critical support level at the 1.618 Fibonacci extension of $3.24. If this support holds, SUI could be poised for another upward move, potentially targeting the 2.618 Fibonacci extension level at $4.97.
At the time of writing, SUI was trading at $3.39.
Featured image of X, chart from TradingView.com
Credit : www.newsbtc.com
