-
Sui Network will restore stake rewards on October 27 to address recent distribution issues.
-
Sui’s price has seen a recent drop despite increased trading activity.
-
Technical indicators indicate a weakening of momentum, as a bearish MACD and RSI low hint at continued pressure on prices.
Sui Network has announced a fix to its broken staking rewards distribution. The fix is scheduled for October 27, at 17:30 UTC (the start of epoch 564) and should resolve issues that started in epoch 570.
The Sui team also urged users not to unstake until epoch 564, to ensure that they receive all rewards. The network discovered the bug after the epoch switch at 10:30 AM PT.
The network confirmed there was no loss of funds, and that the distribution process will be resumed at epoch 563, which is expected to go live at 10:30 AM on October 26, PT.
Impact on Sui Token Price
The bug coincided with fluctuations in the price of Sui. Sui was trading at $1.79 in the last 24 hours, a 6.80% decrease. The token is ranked #21 in the market capitalization with $4.94 billion after a 6.81% drop.
Despite the price decline, trading activity surged. The volume reached $851.66 millions, a 74.63% rise.
CoinMarketCap
Sui also showed resilience at around $1.9187. However, the price dropped sharply in the evening and reached a low of about $1.70 early in the morning. The downward movement settled down in the morning with some shifts, and a slight recover to the current $1.79 price level.
The MACD indicator shows a bearish setup as the MACD line crossed below the signal lines, accompanied by increasing bars of red histogram. This pattern indicates a continuing bearish momentum and suggests that downward pressure could last on the Sui.
TradingView
The RSI, which is currently at 45.54 (below the neutral 50 mark) confirms this analysis.
This site is for entertainment only. Click here to read more
