SUI, a major cryptocurrency this cycle, has recovered significantly in the previous two months. As the cryptocurrency fails to maintain critical levels, some experts predict a plunge below $3.00.
Since attaining its four-month high of $4.29, SUI’s price has fluctuated between $3.40 and $4.00 during May. The cryptocurrency fell 14.2% during last week’s market retracement, losing its range and dipping below $3.00 over the weekend.
Earlier this week, SUI rose to $3.20 with the market. The cryptocurrency fell to $3.10–$3.15 on Thursday morning after failing to maintain this level for 24 hours.
The cryptocurrency has been trading in this structure for a month, with a possible Head & Shoulders setup within the triangle and a baseline around $3.10, according to the report.
“If it breaks out of this triangle to the downside, then the fall can be very hard,” the expert predicted a 35% retrace to $2.00. However, an upward breakthrough might push SUI toward the $4.20 barrier.
Analyst Crypto Bullet saw a “humongous” rising wedge formation in the cryptocurrency’s chart, targeting $8-$10 as the next big objective. Since early 2024, SUI has fluctuated between the upper and lower bounds, according to the data.
According to Rekt Capital, SUI was poised for a bullish monthly candle close in May to mirror its late 2024 performance. Last year, the cryptocurrency retested $3.39 and converted it into support, launching it to its January 2025 all-time high (ATH) of $5.35.
The expert predicted a bitcoin decline in June “if things don’t change over this month.” SUI is trading between $2.33 and $3.39, aiming to retake the range high for a breakthrough.
Thus, SUI risks sliding 10% to the $2.81 mid-range, which supplied support and moderate resistance earlier this year, and 30% to the $2.33 range low if the prior level fails.
The analyst indicated that sub-$3 regions might occur if SUI fails to retake $3.39 as support (at least on the Daily period via Daily Closes above $3.39)
