Key Takeaways
- SUI has fallen by 48% since its all-time high of $5.37.
- The price risks breaking down below its yearly low.
- Can SUI mount a comeback, or are new lows in store?
SUI’s explosive rally in the second half of 2024 led to an all-time high of $5.37 on Jan. 4. However, momentum quickly faded in 2025, leading to a decline of 48% in less than two months.
SUI’s attempt at recovery on Feb. 3 has been retraced almost entirely, signaling bearish pressure.
With that in mind, let’s examine the SUI chart and see where the price might be heading.
SUI Price Decline
The 3-day SUI chart shows that the price has fallen since its all-time high of $5.37 on Jan. 4, leading to a low of $2.39 on Feb. 3.
While the price bounced afterward, creating a bullish candlestick, it failed to sustain the increase and has already lost most of its gains.
The bounce confirmed the resistance trend line of the previous ascending parallel channel as support.
However, the ensuing decline risks returning SUI to the channel’s confines, which would not bode well for future trends.
The closest horizontal support is at $1.90, a drop of over 30% from the current SUI price.
Technical indicators are decisively bearish. A bearish divergence in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) preceded the entire decline, and the indicators have now crossed into bearish territory.
So, the 3-day time frame suggests the SUI trend is bearish, and another drop is likely, taking SUI close to the $1.90 support.
New Lows Incoming
The daily time frame wave count aligns with the bearish readings of the 3-day chart. According to the count, the SUI price is in the fifth and final wave of a downward movement (red) that started after the all-time high.
The defining characteristic of the count is the symmetrical triangle in wave four.
If the count is accurate, the fifth wave can end between $1.51 and $1.90. The 0.786 Fibonacci retracement support level, the 1.61 external retracement of wave four, and the aforementioned horizontal support create this range.
Moving above the wave four high of $3.51 will invalidate this count. This seems unlikely because of the bearish price action, indicator readings, and wave count.
Bearish Trend Ahead
The SUI price started a five-wave downward movement after its all-time high on Jan. 6.
It is likely in the fifth and final wave, with a preliminary target range between $1.51 and $1.90. Once the price reaches this target, a sharp bounce could follow.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful?
Source link
