On July 31, the $SUI lost the support of $3.68, activating a deeper correction scenario, projecting a drop of up to 30%, with a direct target in the region of approximately $2.57, where there is strong liquidity accumulation. #BearishAlert #sui
Possible correction scenario for SUI with Elliott waves
After breaking the support, the first drop took the price down to $3.59. Then, there was a temporary recovery that pushed SUI up to $4.18, configuring only a retest below the broken channel. Selling pressure returned to dominate and the asset formed a new low at $3.31, before making another upward correction movement, reaching $3.87, a region that coincides with the 0.5 Fibonacci retracement of the corrective wave.
This behavior reinforces the classic Elliott Waves scenario, where SUI would have already completed the initial phases and would be entering the 3rd wave down — usually the strongest and most extensive. If confirmed, this movement could accelerate the decline towards the target at $2.57.
The risk of new falls remains high, especially because Bitcoin, after reaching a new all-time high, has already started to lose important supports and could correct down to $115,000 in search of liquidity before trying to resume the upward trend. #Bear
In the short term, SUI maintains a downward trend, and the market continues to be directed towards liquidity collection at $2.57, which may finally serve as solid support for a future recovery.
Elliott Waves on SUI (with points 4.18 → 3.31 → 3.87 → target 2.57)