🚨 For days I have been warning about a strong correction in SUI — the scenario remains ongoing with a risk of falling to $2.60
On July 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 a strong accumulation of liquidity.
📉 Possible 30% Correction Scenario for SUI
After the support break, 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 scenario of Elliott Waves, where SUI would have already completed the initial phases and is now in the 5th wave down — usually the one that concludes the corrective structure. If confirmed, the movement could accelerate the decline towards the target at $2.57.
📊 FALSE BREAKOUT THAT DECEIVED MANY, The Sudden 15% Rally
Both BTC and SUI were in a down channel, with no technical signal indicating a trend reversal. However, after Jerome Powell's remarks, which opened the possibility of interest rate cuts by mentioning risks in the labor market, combined with the movement of whales and retail investors entering, prices suddenly broke the middle of the channel.
This jump led SUI to rise about 15%, which ended up raising wave 4 more than expected. However, the movement did not come with a structural change in the trend — it is a typical news rally or fake breakout, often associated with market manipulation. These jumps generally do not last long before the downtrend resumes.
📉 Current Scenario — 5th Wave ongoing
With this unexpected rise, wave 4 established itself above expectations, but the structure remains in a downtrend and within the projection of the Elliott Waves:
Point 1: 4.18
Point 2: 3.31
Point 3: 3.8 Point 4: (current)
Target $3.00 → which could extend to $2.60 if the $3.00 support does not hold, or if BTC falls more than expected.