SUI, one of the leading altcoins of this cycle, has recorded an impressive price recovery over the past two months. However, as the cryptocurrency fails to hold some key levels, some analysts warn of a potential drop below the $3.00 support.<\/p>\n
Since hitting its four-month high of $4.29, SUI\u2019s price has been moving sideways, hovering between $3.40-$4.00 throughout<\/a> most of May. Amid last week\u2019s market retrace, the altcoin recorded a 14.2% price drop, losing its range and hitting the $3.00 support over the weekend.<\/p>\n At the start of this week, SUI saw a mild recovery alongside the rest of the market, surging to the $3.20 area. Nonetheless, the cryptocurrency has failed to hold this level over the past 24 hours and dropped to the $3.10-$3.15 area on Thursday morning.<\/p>\n Crypto analyst Carl Runefelt warned<\/a> that the cryptocurrency\u2019s rally could be in danger as it risks breaking down of a descending triangle pattern.<\/p>\n Per the post, the altcoin has been trading within this formation for the past month, also displaying a potential Head & Shoulders setup forming inside of the triangle, and the pattern\u2019s baseline sitting around the $3.10 support.<\/p>\n To the analyst, \u201cif it breaks out of this triangle to the downside, then the fall can be very hard,\u201d forecasting a nearly 35% retrace toward the $2.00 mark. On the contrary, a breakout to the upside could propel SUI\u2019s price toward the $4.20 resistance.<\/p>\n Analyst Crypto Bullet recently highlighted<\/a> a \u201chumongous\u201d rising wedge pattern in the cryptocurrency\u2019s chart, which eyes the $8-$10 area as the next major target. According to the chart, SUI has been moving within this pattern since early 2024, hovering between the upper and lower boundaries for over a year.<\/p>\n Notably, the cryptocurrency hit the support trendline one more time during the April low, bouncing from this level. Based on this, the analyst considers that the current dip could be \u201cthe last opportunity to add to your bags before SUI makes a new ATH.\u201d<\/p>\n Analyst Rekt Capital noted<\/a> that SUI was positioned for a bullish Monthly Candle Close in May, aiming to replicate its late 2024 performance. Last year, the cryptocurrency retested the $3.39 level and turned it into support, which acted as a springboard toward its January 2025 all-time high (ATH) of $5.35.<\/p>\n This time, May closed below this crucial level, failing to confirm it as support and losing the recent price range. SUI is now \u201cshowcasing very early signs of upside wicking into said level to turn it into new resistance.\u201d<\/p>\nCan It Repeat Its Late 2024 Playbook?<\/h2>\n