Cryptocurrency analyst and trader Jason Pizzino is warning that one Solana (SOL) competitor is at risk of a severe correction.
In a new video, Pizzino tells his 345,000 YouTube subscribers that Sui (SUI) may be repeating a historic pattern that could lead to a collapse.
According to Pizzino, SUI saw an overbalance in time and price following its collapse to a low of $2.38. Pizzino explains that the overbalance means SUI went down longer in price and further in time than any corrective period it witnessed during this bull market.
With the current setup, the trader says SUI may be following in the footsteps of its April to August 2024 price action when it initially crashed from about $2 to below $1 before witnessing another deep corrective move.
“[Sui is] trying to hold the 50% level similar to what it did last time [in April 2024]. Okay, that was a 58% decline into this freak bottom ($0.43 in August 2024). So see that dump into this level. It’s almost exactly the same guys.”
He says if Sui cannot hold $2 as support on the daily chart it may dip to $1.60 or even lower, which would be in line with the 2024 pattern.
“So if you get these next couple of panic lows, I’d be looking somewhere around back to $1.60, maybe even $1.10, $1.20 at those previous tops, maybe back down into that zone [around $0.73]. But we won’t worry about those yet. Let’s see if it actually gets back down to the $2 level.”
SUI is trading for $3.60 at time of writing, up 14% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here
Follow us on Google News to get the latest Updates
