Sui Network Staking Fix Coming Oct 27th as SUI Price Tumbles to $1.70

Sui Network announced a fix for its broken staking reward distribution. The fix, scheduled for October 27 at 17:30 UTC, the start of epoch 564, should resolve issues that began in epoch 560.

PSA: Following the discovery of the bug triggered by Thursday’s epoch change, please be advised that the implemented fix will now go live with epoch 564 on Sunday, October 27 at 10:30am PT. Sui users should avoid unstaking until epoch 564 has begun.

Network operations remain… https://t.co/FVZBCFWDlC

— Sui (@SuiNetwork) October 26, 2024

Additionally, the Sui team urged users to avoid unstaking until epoch 564 to ensure they receive all earned rewards. This comes after the network identified the bug following the epoch change at 10:30 AM PT.

The network confirmed that while staking rewards distribution was interrupted, no funds were lost, and the distribution process would be restored at epoch 563, expected to go live on October 26 at 10:30 AM PT.

Impact on Sui Token Price

The staking bug coincided with price fluctuations for Sui. Sui traded at $1.79, down 6.80% over the past 24 hours. The token ranks #21 in market capitalization at $4.94 billion, after a 6.81% decrease.

Despite the price drop, the trading activity surged, with volume reaching $851.66 million, reflecting a 74.63% increase.

Source: CoinMarketCap

Moreover, Sui displayed resilience at around $1.9187, but the price experienced a sharp decline in the evening, reaching a low of approximately $1.70 in the early hours. The downward movement settled in the morning, with some shifts and a slight recovery to the current price level of $1.79.

The MACD indicator reveals a bearish setup, as the MACD line has crossed below the signal line, supported by increasing red histogram bars. This pattern indicates ongoing bearish momentum, suggesting that downward pressure on the Sui price could last.

Source: TradingView

The RSI further supports this analysis, currently sitting at 45.54, below the neutral 50 mark, signaling weak momentum.

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