Ethereum (ETH), Solana (SOL), Sui (SUI) Price Decline: Is This the Right Time to Invest? - Investment Insights

Following a significant market downturn spurred by Trump’s hefty tariffs on Canada, Mexico, and China, the cryptocurrency sector might have hit its lowest point. Could it be the opportune moment to invest in top layer 1 cryptocurrencies like $ETH, $SOL, and $SUI?

Significant 35% Weekend Drop for $ETH

Source: TradingView

Throughout the weekend into Monday, $ETH's price experienced a dramatic decline. Despite its larger market cap compared to $SOL or $SUI, $ETH faced the most severe downturn. 

The daily chart above illustrates a 35% drop from Saturday's peak to Monday's low, hitting a critical horizontal support at $2,150. Just beneath lies the 0.786 Fibonacci level at $2,000.

This situation suggests that $ETH may have found its bottom. Supporting this idea, the price has rebounded to just under $2,600, marking a 20% increase from its low point.

The $2,150 mark might have been an ideal entry point for buyers. However, considering other potentially more rewarding opportunities, is $ETH's upside truly compelling at this time? As traditional markets open, there could still be a chance for lower entry points.

Can $SOL Transform Key $202 Support into Resistance?

Source: TradingView

Although $SOL did not experience as steep a decline as $ETH, it still faced a 24% drop during the same time frame. This decline led the price to break through the major $185 support and the 0.618 Fibonacci level. Although the price has since rebounded, it has only managed to transform the significant $202 support into resistance, provided it stays beneath this level through Monday. The next critical support lies at $160, with the 0.786 Fibonacci level below at $150.

While there may be further downside risk for $SOL, all shorter-term Stochastic RSI indicators, up to the daily level, have reached their lows. This could indicate that the current bounce might persist.

Substantial 41% Correction for $SUI: Is the Rebound Sustainable?

Source: TradingView

$SUI stood out as the most significant mover among top layer 1 blockchain networks. However, a massive 41% correction from the weekend into Monday brought $SUI crashing down.

The chart above shows that the price descended to the 0.618 Fibonacci level, potentially indicating a healthy correction. The price rebounded but was rejected at the lower side of the ascending bull market trend. 

Similar to $SOL, $SUI's short-term Stochastic RSI indicators have all bottomed out, with the weekly RSI also at a low point. Once this downturn is fully absorbed, $SUI could potentially lead the charge among layer 1 cryptocurrencies once again.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.