- SUI has completed a bearish head and shoulders pattern, with price now trending lower.
- Token is trading below key moving averages, reinforcing short-term weakness.
- Retests of broken support could trigger more selling if bulls fail to regain momentum.
Things aren’t looking great for SUI right now. The governance token of the Sui blockchain just completed a textbook head and shoulders pattern, and if you know your charts, that’s usually a bad omen. According to a recent post by Alpha Crypto Signal, the pattern has already broken down—and sellers are starting to step in hard.
A Bearish Pattern That’s Hard to Ignore
So what’s the deal with the head and shoulders thing? Basically, it’s a structure where price makes one high, dips, then shoots higher (the “head”), dips again, and finally makes a lower high before giving up and sliding down. SUI’s chart? It’s got all the parts.
The “left shoulder” showed up back in April. The big peak (aka the “head”) came in May, and the “right shoulder” wrapped up earlier this month. After that, the neckline support—which held up during earlier dips—just gave out. And that break? It’s a signal. One that usually screams: watch out below.
Since then, SUI has started printing lower highs and lower lows, a classic sign of a downtrend in motion. Translation? The token isn’t just struggling to recover—it’s steadily losing value.
Price Slips Below Key Moving Averages
At the time of writing, SUI’s trading around $2.63, down nearly 3% in the past day. It’s now sitting under both the 9-day EMA and the 50-day SMA, which basically confirms what we’re seeing on the chart: weakness. Not temporary weakness, either—something more sustained.
Alpha Crypto Signal notes that unless SUI reclaims the neckline soon, the downtrend probably sticks around. Right now, the bias is firmly bearish. Any short-term bounce? Could just be another setup for more selling.
Retest Incoming? Sellers May Be Waiting
Traders who are watching this closely might look for a weak retest of that neckline—the one that just broke. If price makes it back up there and stalls out, expect more sell pressure to show up fast. Each mini pump could become a fresh excuse to dump more tokens.
Unless something changes fast, this setup doesn’t favor the bulls.
