Crypto analyst Jason Pizzino has issued a cautionary outlook for Sui (SUI), a rising blockchain project positioned as a competitor to Solana.
He believes the asset may be on the verge of a significant downturn, mirroring a previous price pattern that led to a steep correction.
In a recent YouTube update, Pizzino explained that SUI’s price movement exhibits signs of an “overbalance” in both time and price. This term refers to a situation where the current decline has extended further and lasted longer than any previous correction within the ongoing bullish cycle. He pointed to SUI’s drop to $2.38 as a critical moment, suggesting that its prolonged downward trajectory could foreshadow a deeper sell-off.
Drawing comparisons to SUI’s performance from April to August 2024, Pizzino noted that the asset initially tumbled from $2 to below $1 before experiencing another significant decline. Given the similarities in market behavior, he warns that SUI could be setting up for another major retracement.
If the $2 support level fails to hold, Pizzino foresees further downside, with potential price targets at $1.60, or even lower. He also mentioned the possibility of a deeper decline toward previous resistance levels around $1.10 or $0.73, though he emphasized that it’s too early to determine if such lows will be reached.
Despite the bearish outlook, he urged traders to monitor SUI closely in the coming days, as its ability to stabilize at current levels could determine whether the asset avoids another major breakdown.
XRP (XRP) has gone up by 1.2% in the past 24 hours but, behind that mild price increase, there has been a significant spike in trading volumes. During this period, $2.4 billion worth of XRP has exchanged hands, representing an 83% increase. Just hours ago, Ripple announced the official launch of its Ethereum-compatible sidechain called […]
A community-driven initiative launched Monday is inviting Ethereum users to lock art, memories, and personal messages inside a decentralized “time capsule,” set to be opened on the network’s 11th anniversary next year.
A new CryptoQuant report highlights a growing divergence between long-term Ethereum holders and short-term Bitcoin buyers, with significant accumulation behavior unfolding in both markets amid increasing political and economic tension in the U.S.
According to a new analysis from CryptoQuant, TRON (TRX) may be gearing up for a breakout as tightening Bollinger Bands point to an imminent expansion in volatility.