The SUI price is down 2.5% today and is now trading around $3.30. However, what’s way more worrying for SUI holders is Ali Martinez’s most recent chart analysis.
Looking at SUI’s price chart on Coinbase, Martinez spotted a head and shoulders pattern forming on the 12-hour timeframe. This pattern shows up quite often in crypto and usually means prices might head lower. Right now, SUI is sitting at $3.40, and there’s an important support level at $3.00.
If the SUI price breaks below $3.00, Martinez thinks it could drop all the way down to $1.60. That would be a massive 52% crash from current levels. The pattern shows three distinct peaks – think of it like a person’s head and shoulders. The middle peak (the head) reached up to $4.20-$4.50, while the shoulders formed at lower levels.
During the pattern formation, SUI first rallied to create the left shoulder. Then came a stronger push upward, forming the head around $4.20-$4.50. This showed some serious buying pressure at the time. But things started looking shaky after that – the price fell and tried to move up again, but it couldn’t match the previous high. This weaker move formed the right shoulder, suggesting buyers might be running out of steam.
$SUI appears to be forming a head-and-shoulders pattern, which, if confirmed, could indicate a potential move toward $1.60! pic.twitter.com/w8OsNvt6Tf
— Ali (@ali_charts) February 16, 2025
Now SUI is hovering dangerously close to that critical $3.00 level. This level isn’t just a random number – it’s what technical analysts call the neckline of the pattern. Breaking below it could open the floodgates for more selling.
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SUI Price Forecast
The $3.00 level is crucial right now. If the SUI price drops below it, we might see that big move down to $1.60. But it’s not all doom and gloom – there’s still a chance this bearish pattern might not play out. If SUI can climb back above $3.50-$3.60, buyers might step in and push prices higher.
The right shoulder of the pattern sits around $3.80-$4.00. If SUI somehow manages to get above these levels, the whole bearish setup would likely fall apart. A strong move above the right shoulder would be particularly significant, as it could signal that bulls are back in control.
Traders are now closely watching these key price zones. The resistance sits between $4.20 and $4.50, where the head of the pattern peaked. But the most important level to watch is that $3.00 support. A clear break below could confirm what Martinez is warning about and trigger the projected move toward $1.60.
For now, the market seems to be at a crossroads. The next few days could determine whether this head and shoulders pattern plays out as Martinez predicts, or if SUI can find enough buying pressure to invalidate the bearish setup.
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