SUI’s tight consolidation near $3.00 risks a breakdown, with Elliott Wave suggesting targets near $2.08 in an ongoing bearish trend.
A Head and Shoulders pattern warns of a drop to $2.03 if $3 support fails, with bearish sentiment dominating amid low trading volume.
Fibonacci levels highlight $3.38 as crucial resistance; breaking below $3 could trigger deeper losses, testing sentiment across the market.
SUI’s price action reflects a tightly coiled consolidation, with technical signals warning of possible deeper downside. Analysts point to critical chart structures, suggesting the next breakout could define SUI’s short-term trend trajectory.
Elliott Wave Shows Ongoing Downtrend Unfolding
Source: Post on X
As we can see from the post above, one bearish analyst, More Crypto Online, outlines a Wave (4) correction still in progress. The expert presents a detailed Elliott Wave count for SUI/USDT on the 1-hour chart from Binance. According to the analysis, the current pullback forms part of a broader Wave (v) with downside targets extending to $2.08.
The analyst highlights a tight price range between Fibonacci retracement levels at $3.0604 and $3.1051. This corrective box signals indecision, with price hovering near the 0.382 level. Extension projections for Wave (v) suggest $2.4421 and $2.0797 as key completion zones, forming a likely reversal base.
Fibonacci geometry supports this trajectory, with resistance anchored at $4.2130 from the previous high. The structure remains valid unless the price invalidates the range by breaking $3.38. Taking this idea to the next level uncovers a demand zone where symmetry may conclude the wave sequence.
Head and Shoulders Signals Breakdown Threat
A more striking observation is seen through a bearish pattern shared by another analyst. The Head and Shoulders formation on the daily SUI chart reveals a neckline at $3.00. Price consolidates tightly around this level, risking a sharp breakdown if bearish pressure persists.
Source: Post on X
The left shoulder formed in April, while the head peaked at $4.40 in early May. The right shoulder developed under a descending trendline, forming a triangle pattern near support. The measured move from this breakdown forecasts a potential fall to $2.03 if the neckline support fails.
It’s crucial to acknowledge that price behavior near this neckline is compressing. With decreasing candle body size, volatility tightens ahead of a critical breakout or collapse. Volume remains absent, but the geometry implies a high-stakes moment for SUI.
Analysts Lean Bearish as Support Gets Retested
Looking at it from another angle reveals how analysts broadly agree on the importance of $3 as pivotal support. Both wave and pattern-based readings point toward lower Fibonacci targets and possible structural failure. The crypto market’s focus now turns to whether bulls can defend this zone or face a deeper corrective leg.
While his take on the matter has been debated, it does seem that some analysts are aligning with similar perspectives. The overall direction remains bearish until confirmation emerges above $3.38. Yet, there’s more to address before drawing conclusions—support loss could ignite a steeper drop toward $2.03, shifting sentiment rapidly across the SUI community.
