On 07/31, $SUI lost the support of $3.68, activating a scenario for a deeper correction, projecting a drop of up to 30%, with a direct target in the region of approximately $2.57, where there is strong liquidity accumulation. #SUİ #BTC #Bear #BearishSeason
After the break of support, the first drop took the price to $3.59. Then, there was a temporary recovery that pushed SUI up to $4.18, merely configuring a retest below the broken channel. Selling pressure returned to dominate, and the asset formed a new bottom 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 is entering the 3rd wave down — usually the strongest and most extensive. If confirmed, this movement could accelerate the drop towards the target at $2.57.
The risk of further declines remains high, especially because Bitcoin, after reaching a new all-time high, has already begun to lose important supports and could correct down to $115,000 in search of liquidity before attempting to resume the uptrend.
In the short term, SUI maintains a downtrend, and the market continues to head 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)
