Sui Price saw another wave of selling pressure after the Sui blockchain experienced a significant service interruption affecting block production on May 28. At the time of writing, SUI was trading near $0.93, recording a 4.64% decline over the past 24 hours.
Sui Mainnet Temporarily Stops Producing Blocks
Sui Mainnet Has a Temporary Service Interruption. According to the Sui team, the network has experienced a service interruption, preventing transaction confirmations across all dApps.
“Sui Mainnet is currently down due to a service interruption. The Sui Core team is working to resolve this issue. Users will not be able to send or receive transactions at the present time.“
The Sui team has provided an update stating that they identified the service issue and have begun to deploy a fix while keeping user funds safe.
Block explorers indicated there were no new checkpoints for approximately an hour, causing all dApp activity on the Sui blockchain to temporarily be suspended.
Also Read: SUI Price Prediction: Early Recovery Signals Emerge After Accumulation
SUI Price Faces Bearish Pressure
SUI was apparently unable to maintain a value above the $1 level and, according to TradingView, continues to trade below both the 50 and 200-day moving averages, indicating continued bearish momentum.
The RSI continues to trend downward, reaching a near value of 39, suggesting a loss of buying pressure following the outage.
Traders are now watching the potential support area around $0.91. Should we see a breakdown of this area, the bearish momentum may extend further. A move back towards $1 will improve sentiment for the short-term.
The Latest Outage Concerns Users
This outage is Sui’s second major outage since early December due to consensus errors (the first occurred 4-5 months ago and was also the result of a consensus error).
The team has stated that user funds are secure; however, the previous stalling situation has created concern as to whether or not the network will be dependable in the long term.
Also Read: SUI Price Targets $1.33 as Bulls Defend Key Retest Zone After Breakout
