Cryptocurrency analyst and trader Jason Pizzino is sounding the alarm on the potential for a severe correction in one of Solana’s competitors, Sui (SUI). In a recent video shared with his 345,000 YouTube subscribers, Pizzino highlighted a concerning pattern that SUI may be following, which could lead to a collapse in its price.
Pizzino pointed out that SUI experienced an overbalance in both time and price following its drop to a low of $2.38. This overbalance indicates that SUI went down for a longer period and to a greater extent in price than any previous correction during this bull market. Drawing parallels to its price action from April to August 2024, Pizzino noted that SUI initially crashed from around $2 to below $1 before undergoing another significant corrective move.
“If Sui cannot hold $2 as support on the daily chart, it may dip to $1.60 or even lower, mirroring the pattern seen in 2024,” Pizzino cautioned. He further added, “So if you get these next couple of panic lows, I’d be looking somewhere around back to $1.60, maybe even $1.10, $1.20 at those previous tops, maybe back down into that zone around $0.73.”
Currently trading at $3.60, SUI has seen a 14% increase in the last 24 hours. However, Pizzino’s analysis suggests that the cryptocurrency may be at risk of a significant downturn if it fails to hold the $2 support level.
As investors closely monitor SUI’s price action, it remains to be seen whether the cryptocurrency will be able to avoid a severe correction or if it will follow the historic pattern highlighted by Pizzino. Stay tuned for updates on SUI’s performance in the coming days.
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