Cryptocurrency analyst and trader Ali Martinez has recently shared his bearish outlook on a Solana competitor, Sui (SUI). Martinez, who has a following of 130,100 on the social media platform X, believes that Sui is at risk of experiencing a “sharp correction” due to the formation of a bearish pattern.
According to Martinez, Sui has been forming a head and shoulders pattern since November 2024, with the neckline at $3 serving as a critical support level. The recent price action has contributed to the formation of the pattern’s right shoulder, which is signaling a negative trend. With the recent breach of the $3 support level, Martinez predicts a potential 40% correction that could take Sui down to $1.60. Currently, Sui is trading at $2.73, a 48% decrease from its all-time high of $5.35 in January.
Moving on to Bitcoin (BTC), Martinez suggests that the cryptocurrency is consolidating within a triangle formation, hinting at a possible 20% price movement in the near future. Additionally, data from the blockchain analytics platform Glassnode indicates that the supply of Bitcoin held by long-term holders has increased by 85,000 BTC in the past month, with a total of 13,195,498 BTC currently in their possession.
As of the time of writing, Bitcoin is trading at $89,170. Martinez’s insights on Sui and Bitcoin provide valuable information for investors and traders looking to navigate the volatile cryptocurrency market. Stay informed and subscribe to receive email alerts for the latest updates. Follow The Daily Hodl on X, Facebook, and Telegram for more crypto news and analysis. Don’t miss out on important developments in the world of digital assets.