As a seasoned researcher with a knack for deciphering market dynamics and a keen eye for technical analysis, I find myself intrigued by the current state of the Sui Network. The recent staking reward distribution issue has undoubtedly left its mark on the network’s token price, but it is not without hope for recovery.
On October 27, 2024, at 17:30 UTC, Sui Network plans to deploy a resolution for its staking reward distribution problem that occurred during the transition to epoch 564 on October 24, 2024. This technical glitch resulted in the withholding of staking rewards for epochs 560 through 563.
Even though there was an interruption, it’s important to note that no funds nor prior rewards were forfeited. In fact, resuming regular operations could boost investor trust, potentially increasing staking actions and causing a favorable change in the SUI price.
Will SUI Price Recover as Sui Network Plans Staking Fix?
On October 24, while transitioning to a new epoch, the Sui Network encountered a technical glitch that temporarily halted the distribution of staking rewards. This glitch impacted the allocation of rewards for four consecutive epochs, specifically epochs 560, 561, 562, and 563. It’s important to note that no user’s staked funds or rewards were actually lost during this period. The network has confirmed that a solution will be implemented on October 27 at 17:30 UTC, coinciding with the start of epoch 564.
To make sure users get their delayed earnings, Sui Network recommends not redeeming your staked tokens until a new operational phase starts. If you redeem before the fix, there’s a risk of missing out on rewards that were earned during the problematic periods. Following this advice will help maintain a seamless return to regular network functioning.
SUI Reacts to Staking Disruption
After the interruption in staking rewards, the SUI token saw a substantial drop. It declined by 6.80%, reaching a low of $1.70. This dip occurred as the market responded to the announcement about the halted reward distribution. Since then, the network’s price has been unstable, slightly recovering to $1.79, but it still faces pressure.
Staking difficulties cropped up during a wider market slump, exacerbating troubles for SUI. Even as trading heightened, a pessimistic outlook prevailed, reinforced by technical indicators.
After the planned solution on October 27, analysts anticipate that the issue will be addressed, boosting investor trust and potentially sparking a price increase. The mending of the staking system should bring stability to the SUI market, enabling the token to reclaim some of its lost value over the last week.
In simpler terms, the 1-hour chart for SUI is currently at $1.79 and appears to be slightly increasing by 0.69%. This upward trend could continue as suggested by the MACD indicator, which shows the MACD line above the signal line, signaling a possible uptrend. The price movements are small, suggesting low volatility, potentially leading to a breakout in either direction.
Although the price of SUI decreased, there was a significant rise in trading activity on the Sui Network, with the volume hitting $691 million, marking a 25% increase. This surge suggests robust market interest in SUI, even amid the hurdles presented by the staking issue. Investors seem to be preparing themselves for the planned resolution, expecting the price to rebound to around $3 once the network resumes normal operations.
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2024-10-27 03:00