SUI Near Critical Support, Risks of 30% Drop if Breakdown Occurs

SUI, a prominent altcoin in this cycle, experienced a significant recovery over the past two months but has struggled to maintain key support levels. After reaching a four-month high of $4.29, its price moved sideways within the $3.40-$4.00 range through May. During last week’s market correction, SUI dropped 14.2%, breaking its support and falling to $3.00. Early this week, it slightly recovered to around $3.20 but failed to sustain it, declining further to approximately $3.10-$3.15. Analysts warn that the coin is forming a descending triangle pattern, which could result in a sharp decline if the support at $3.10 breaks. A downside breakout may lead to a 35% decrease to about $2.00, whereas an upward breakout could push the price toward $4.20. Other analysts suggest that SUI is within a large rising wedge with targets between $8 and $10, indicating potential for upcoming bullish momentum. Additionally, SUI had previously tested support levels around $3.39—turning them into resistance—signaling caution if the market fails to reclaim these levels. If SUI cannot regain $3.39, it might decline further to between $2.81 and $2.33, with current prices around $3.08. Overall, the technical setup reflects a precarious situation with potential for a significant downward move if key supports do not hold.