Jason Pizzino, a cryptocurrency analyst and trader, warns that a Solana competitor (SOL), is in danger of experiencing a serious correction.
Pizzino, a YouTuber with 345,000 subscribers tells them that Sui’s (SUI) recent history could be repeated and lead to the collapse of Sui.
Pizzino says that SUI’s collapse from a high of $2.38 to its low at the end of 2008 led to an imbalance in both time and price. Pizzino says that SUI’s price fell further and for a longer period of time during the bull market than it did in any previous corrective phase.
The trader believes that SUI could be following the same path as its price movement from April to August of 2024, when the initial crash was between $2 and $1. Before witnessing a second deep correctional move.
“[Sui] is trying to maintain the 50% level, similar to how it performed last time [in March 2024]. This was an insane 58% drop to this level ($0.43 per share in August 2024). See that drop into this level. The same people are almost identical .”
If Sui can’t hold the $2 support level on the daily chart, it could dip as low as $1.60 and even lower. This would fit the pattern of 2024.
If you see these panic-like lows in the future, then I would be looking at a return to around $1.60 or even lower, perhaps $1.10 and $1.20, at previous highs. Maybe back into this zone [around $0.7]. We won’t be worrying about them yet. We’ll see if the price actually drops to $2 .”
SUI has risen 14% to $3.60 in 24 hours.
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As new information becomes available, this post Solana Rival SUI could be in for a further dramatic collapse according to analyst Jason Pizzino. Here are his targets.
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