The Sui (SUI) blockchain network experienced its first major disruption on November 21, 2024, yet demonstrated remarkable price stability, contrasting sharply with the volatile nature typically associated with cryptocurrencies.
Market data reveals that despite a 2.5-hour network outage, Sui's native token maintained its trading position at $3.55, recording a modest 0.88% daily increase.
Financial metrics indicate robust market confidence in Sui, with trading volumes reaching $1.88 billion over 24 hours and a market capitalization holding steady at $10.11 billion. These figures suggest that investors view Sui as a more stable investment vehicle compared to other coins.
Technical analysis of the disruption revealed a congestion control system bug in Sui's TotalGasBudgetWithCap mode, affecting the network's validator operations. Unlike typical protocols that often lack sophisticated infrastructure, Sui's advanced architecture includes complex congestion control mechanisms designed to manage transaction load distribution.
Data from the incident shows that the network interruption occurred when specific conditions like crash loop, complete stoppage of transaction processing, lack of MoveCall commands on the network detected mutable shared object transactions etc were met.
The Sui development team's response metrics had the following noteworthy aspects:
- Bug identification and diagnosis: less than 2 hours
- Fix deployment time: 15 minutes post-release
- Total resolution time: 2.5 hours
- New version releases: Mainnet v1.37.4 and Testnet v1.38.1
Market analysts note that while most digital assets typically experience significant price volatility during technical issues, Sui's price stability during the outage demonstrates investor confidence in its fundamental technology and development team's capabilities.
The incident has prompted Sui's engineering team to optimize their emergency response protocols, particularly focusing on reducing binary build and deployment times during critical incidents. This proactive approach to network management further distinguishes Sui from the typically less structured projects in the cryptocurrency ecosystem.
All these factors have led to the continuation of the Sui price surge even after the network outage. The coin’s technical chart reveals that the SUI has been facing an upward trend since November this year. There was a strong possibility of a breakout.
After the breakout, the price ranged sideways, as the blue-shaded areas depicted above. That means the moment has confused the market after creating a great rise. At that time we saw a relative high in parallel with the lower boundary of the second range of consolidation.
The AO of Sui shows a shift from negative strength to positive during the rally, and hence it started a bullish histogram. However, the green bars that have emerged in the price chart show a diminishing growth, which could turn into actively dampening price movement if the bars turn negative.
At press time, Sui was trading at $3.19, down 4.98% in the last 24 hours with a 3.17% decrease in its trading volume which touched $1.54 billion, and the market cap declined to $9.07 billion.