<ul data-eligibleForWebStory="true"><li>SUI token forms a head and shoulders pattern, hinting at further price drops as it breaks neckline support.</li><li>Token is trading below 9-day EMA and 50-day SMA with large trade volume supporting the bearish pattern.</li><li>The head and shoulders pattern signifies a decline in price with the recent breakdown visible on the daily chart.</li><li>The 'left shoulder' formed in April, 'head' peaked in May, and 'right shoulder' completed in June, leading to the break of neckline support line.</li><li>SUI is experiencing lower highs and lows, indicating a depreciation in value and significant selling pressure.</li><li>Current price of SUI is $2.63, down by almost 3% in the last 24 hours, trading below the 9-day EMA and 50-day SMA.</li><li>Alpha Crypto Signal warns of continued weakness unless SUI reclaims the neckline zone, maintaining a bearish bias.</li><li>Traders might consider selling during weak retests of the neckline area, expecting the downward momentum to persist.</li></ul>

SUI Loses Neckline Support: Analysts Warn of Further Downside

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