Cryptocurrency analyst and trader Jason Pizzino is sounding the alarm on a potential severe correction for a competitor of Solana (SOL).
In a recent video, Pizzino informs his 345,000 YouTube followers that Sui (SUI) could be mirroring a historical pattern that might result in a significant downturn.
Pizzino notes that SUI experienced an extended period of decline in both price and time after dropping to a low of $2.38. He explains that this overbalance indicates that SUI went down further in price and for a longer duration than any other corrective phase during this bull market.
Based on the current setup, Pizzino suggests that SUI might be retracing its price action from April to August 2024 when it initially plummeted from around $2 to below $1 before undergoing another substantial correction.
“[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.”
If Sui fails to maintain $2 as a support level on the daily chart, Pizzino predicts that it could drop to $1.60 or even lower, aligning 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 currently priced at $3.60, showing a 14% increase in the past 24 hours.
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