The current wave of correction in the crypto market has significantly lowered the prices of some leading cryptocurrencies, including Bitcoin and Ethereum. Amidst this correction, the token Sui (SUI) has also experienced significant changes.
Current Crypto Correction
In the cryptocurrency market, the wave of correction that started after the November rally has created panic among investors, bringing Bitcoin down to $80,000 from its all-time high of $110,000, while Ethereum has dropped to $2,100. The layer-1 token Sui (SUI) has also faced a 38% correction in the last 60 days, plummeting from its ATH of $5.36 to its current price of $2.56.
Sui (SUI) Price Analysis
The chart highlights a key similarity between SUI and Solana (SOL) on the 1-day timeframe, suggesting that SUI might be replicating the bullish breakout pattern that previously led to a major rally in SOL. The levels of support and resistance where SUI sits, and its current analogy with SOL's movements in early 2021, are crucial.
Final Thoughts on SUI
SUI’s current price action closely mirrors SOL’s 2021 breakout, hinting at a potential major rally. If it holds key support at $2.41 and pushes past the $4.91–$5.37 resistance zone, we could see a strong upward move, possibly toward $9–$10. However, if SUI breaks below support, the bullish setup could fail.
Sui might repeat Solana's success if it navigates key support and resistance levels properly. Investors should remain cautious and consider all risks.
