Sui Nears Critical $2 Threshold as Elliott Wave Pattern Signals Bearish Breakdown

Technical analysts are sounding the alarm—SUI’s chart is painting a grim picture. The cryptocurrency, once hailed as a Layer 1 contender, now flirts with a nosedive toward $2 as Elliott Wave theory predicts another leg down.

Market watchers brace for impact. The fifth wave—a classic Elliott finale—often brings violent reversals. For Sui, that could mean a 30% haircut from current levels. Not exactly the ’decentralized utopia’ promised in whitepapers.

Meanwhile, crypto bros still argue about ’macros’ between margarita sips. As always, the charts have the last laugh.

Cetus Hack Favors Bearish Sui Price Prediction

Looking at the daily chart, Sui may have already entered a phase of exhaustion as its rally exhibits signs of decelerating momentum.

An Elliott Wave analysis shows that the last push from $3.25 to $4.27 could have been the last leg up for SUI.

This means that the asset could now be due for a strong correction as early buyers could read the signs of an impending decline as well and cash out frantically.

Sui is already in a descending price channel and the Relative Strength Index (RSI) has been trending lower for days. A break below the $3 level would confirm a bearish outlook and favor a bearish SUI price prediction of $2 in the next few weeks.

Investors are now looking for better opportunities among the best crypto presales of the year as well-established tokens such as Sui may have exhausted their upside potential for now.

Solaxy (SOLX), a layer-two scaling protocol for Solana, has emerged as one of the favorite candidates as reflected by the nearly $42 million the project has raised in just a few months.

Solaxy (SOLX) Presale Ends in 17 Days – Don’t Miss Out

Solaxy (SOLX) was born to strengthen Solana’s infrastructure and ecosystem by introducing a side chain that increases the blockchain’s scalability and efficiency.

Since the presale was launched in December, it has raised $42.2 million. Thus far, the developing team has launched a testnet, a token bridge, and a block explorer that investors can use to keep track of the solution’s performance in real time.

As the L2’s utility token, $SOLX will experience increased demand once it is embraced by top wallets and exchanges.

To buy $SOLX and reap the highest returns once the token is listed on exchanges, head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap SOL or USDT or use a bank card to make your investment.