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Crypto analyst Ali Martinez has indicated that SUI may break a crucial support level, posing a risk of a decline up to 40%. According to Martinez, the head and shoulders formation that has developed since November 2024 could trigger a significant correction if the price falls below the $3 mark. Meanwhile, Bitcoin 
$104,616 continues to consolidate within a triangular pattern, attracting increasing interest from long-term investors.
Key Support Level for SUI: $3
Martinez shared his analysis of SUI’s recent technical formation on social media. He noted that the head and shoulders pattern, ongoing since November 2024, has reached a critical stage with the completion of the right shoulder. The $3 level is identified as a fundamental support; breaching this level could potentially lead to a price drop to around $1.80, representing a 40% decline.
Recent price movements of SUI indicate that technical indicators are sending bearish signals. Market participants are warned that a sustained close below the $3 level could accelerate the correction process. Martinez emphasized that this situation poses risks for short-term traders.
Bitcoin’s Triangular Pattern and Long-Term Investors
Bitcoin is currently moving within a notable triangular pattern in technical analysis. Martinez suggested that a price movement of around 20% could be expected upon the completion of this formation. However, the direction of this movement could vary based on market dynamics and macroeconomic factors.
Data from blockchain analytics firms reveals that long-term investors are increasingly confident in Bitcoin. In the past month, the amount of Bitcoin held for over 155 days has increased by 85,000 units. This trend reinforces the belief that Bitcoin can maintain its long-term value despite market uncertainties.
