Date: Thu, June 12, 2025 | 01:10 PM GMT
The cryptocurrency market is undergoing a mild correction after yesterday’s rally sparked by the release of softer-than-expected U.S. CPI data. Ethereum (ETH), which had surged to a 24-hour high of $2,877, has slipped back to around $2,733, and this broader cooling off is putting pressure on several major altcoins — including Sui (SUI).
At the time of writing, SUI is trading lower by over 5%, sliding from its daily peak of $3.51 to around $3.27. However, the latest price action isn’t just a random drop — a deeper look at the chart reveals that SUI might be in the midst of a textbook harmonic retracement.
Bearish Cypher Pattern Unfolding
SUI’s 4-hour chart has completed a Bearish Cypher harmonic pattern, which typically signals the start of a temporary downtrend or pullback. The D-point of the pattern was finalized near the $3.55 mark — lining up closely with the 0.786 Fibonacci retracement of the X to C leg, a zone widely recognized as a Potential Reversal Zone (PRZ) for this pattern.
As expected, once price hit that resistance area, it reversed sharply, slipping back toward the first support at $3.28 — which aligns with the 0.382 Fibonacci retracement from the recent swing. The reaction at this level so far confirms active selling pressure and a technically guided correction phase.
What’s Next for SUI?
With the $3.28 level already tested, this 0.382 Fibonacci retracement zone could act as a key support and potentially trigger a bounce. However, if SUI fails to hold above this level, the price may decline further toward the 0.618 Fibonacci retracement level at $3.11 — the next critical support zone to watch.
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