SUI Price Forecast – SUI Could Drop Below $2 If Bitcoin Loses $80k

Highlights:

• SUI rebounds intra-day, but momentum is not enough to form a bullish engulfing
• Further correction could put prices below $2 in focus
• Rising uncertainty in the global economy is weighing down on SUI and other altcoins

Sui (SUI), like the rest of the market, is in the red today. At the time of going to press, SUI was trading at $2.35, down by 2.63%. However, trading volumes have increased by 80.86% to $909 million. This, when the price is going lower, could indicate investors cashing out of their SUI holdings in anticipation of more selloffs.

Bitcoin Weighing Down SUI’s Price

One of the key factors weighing down SUI at the moment is the price of Bitcoin. Bitcoin has been in a selloff for the past week. As is often the case in the cryptocurrency market, a Bitcoin selloff triggers an even more significant selloff.

As such, now that Bitcoin shows signs of a potential drop below the $80k price level, altcoins like SUI could experience even more selloffs. SUI investors could fear that the price could drop below $2, which could mean a potential drop in pre-pump prices below $1, effectively erasing all the gains from 2024.

SUI Hit By Increasingly Uncertain Global Economy

However, not only the short-term Bitcoin price movements are impacting SUI’s price. There is also the fact that the macro-environment is increasingly unfavourable for high-risk investment. The US has been ramping up its tariff wars with many trade partners, including allies such as Canada and Mexico. This has put a cloud of uncertainty on global economic growth. Things are expected to worsen on this front, with the US expected to start levying reciprocal tariffs in April.

"President is on it and he is powerful on it, and he is not going to take his foot off the gas." These tariffs are part of a drug war. Canada and Mexico must shut down the flow of fentanyl across our border and China must stop subsidizing the production. The Trump Administration… pic.twitter.com/nY9x7bx7Wu

— Howard Lutnick (@howardlutnick) March 9, 2025

This could trigger a global economic recession as trade becomes more expensive. The worst part is that high tariffs are likely to trigger an increase in inflation. This means the already high interest rates are likely to remain high. Such a scenario is terrible for SUI and other altcoins. That’s because high-risk assets tend to do well in an environment of easy money. The result is that cash could leave altcoins at an even higher rate as it flows into low-risk assets.

SUI Hit By Broken Cryptocurrency Cycle

Like other altcoins, SUI has also been hit by the sudden change in the cryptocurrency cycle. The cryptocurrency cycle that usually follows Bitcoin’s 4-year halving cycle is broken. As has happened in the past, investors expected Q1 of 2025 to be experiencing peak altcoin prices. However, the opposite has happened. With all that is happening in the world economy and altcoin price action, there are fears that alt-season may not happen this time. 

The cycle dynamics haven’t changed since forever.

But I think it'll end. (soon)

Impacting:
> 4-year cycle
> Altseason
> Supercycle (but not like most expect)

Let's dive in:
1. Why I think it'll change
2. What I'm looking for this cycle

👇 pic.twitter.com/WVFRLWX1pC

— CryptoAmsterdam (@damskotrades) January 16, 2025

The ensuing fear could see SUI and other altcoins drop even further as investors who had hoped for parabolic price rallies exit. Such a scenario is evident that despite all the good news coming out of the US, a Bitcoin Reserve has not done much for the price. In the case of SUI, there has even been news that it is being added to Trump’s crypto company’s cryptocurrency reserve. The lack of reaction could lead to more selloffs, pushing the price to new lows.

President Trump's World Liberty Financial partners with SUI to launch a Strategic SUI Reserve.#Sui partners with World Liberty Financial, a Donald J. Trump-inspired pioneering #decentralized finance (#DeFi) protocol.

Under this partnership, the projects will explore product… pic.twitter.com/gycHzSNcNV

— CryptoDaku (@CryptoDaku_) March 6, 2025

Technical Analysis – SUI Price Bounces Off Support, But Momentum Weak

From the charts, SUI has bounced off the $2.26 multi-day support level. However, SUI bulls are not yet clear as the price of the March 9 bearish candle has yet to be clear. If bears regain control driven by weakness across the market, the key level to watch would be the $2.26 support.

A breach of the $2.26 support could cause SUI to drop prices below $2 in the short term. On the other hand, if bulls sustain momentum, the key level to watch would be the  $2.72 multi-day resistance. A rally through this resistance could see SUI jump to prices above $3 in the short term.