SUI Plunges 9% as $116M DeFi Exploit Rattles Crypto Markets
CoinDesk
SUI dropped 9.2% to $2.02 following a $116 million exploit at the Balancer DeFi protocol, causing broader market risk aversion.Summary
SUI, the native token of the Sui blockchain, fell 9.2% to a low of $2.02 on Tuesday, breaking key support levels amid 68% above-average trading volume. This sell-off was triggered by widespread negative sentiment following news of a $116 million exploit involving the decentralized finance (DeFi) protocol Balancer on Monday. Technical analysis suggested institutional liquidation as investors unwound exposure to riskier layer-1 tokens. The $2.08 support level flipped to resistance, reinforcing the bearish trend. Chart watchers observed capitulation behavior, noting that a break below $2.014 could lead to further drops toward $1.98 or $1.95, while bulls need to reclaim $2.07 to regain momentum.
(Source：CoinDesk)