Sui's Dramatic Collapse Looms: Analyst Warns of Repeat 2024 Pattern

Cryptocurrency analyst and trader Jason Pizzino has raised concerns about the potential for a significant correction in Sui (SUI), a rival to Solana (SOL). In a recent video, Pizzino warned his 345,000 YouTube subscribers that SUI may be repeating a historic pattern that could lead to a dramatic collapse.

According to Pizzino, SUI experienced an overbalance in time and price following its collapse to a low of $2.38. This overbalance indicates that SUI's price decline was longer and more severe than any previous corrective period during the current bull market. Pizzino believes that SUI's current price action is reminiscent of its April to August 2024 performance, when it initially crashed from around $2 to below $1 before experiencing another deep corrective move.

Pizzino suggests that if SUI fails to hold the 50% level, it could potentially dip to $1.60 or even lower, aligning with the 2024 pattern. He warns that if Sui cannot maintain $2 as support on the daily chart, it may face a significant correction. At the time of writing, SUI is trading at $3.60, up 14% in the last 24 hours.