Key Insights:
- SUI confirmed a double bottom near $3.20, pushing price higher toward resistance at $3.90.
- Analysts suggest SUI could break its all-time high, with Elliott Wave targets pointing toward $8.
- Short-term charts show bearish signals; holding $3.55–$3.60 support is key for upside continuation.
Sui (SUI) was priced at $3.66 today with a 24-hour trading volume of $1.19 billion. The token is down 4% over the past day but remains higher by 8% on the week.
BitGuru noted,
“$SUI shows a clear recovery structure after hitting a major low. A double bottom pattern confirmed bullish strength, pushing price up toward the $3.90 zone.”
The pattern, which formed around $3.20, marked the end of a decline and set the stage for a steady climb. Price has since advanced, now consolidating close to $3.90.
Higher Targets in Play
Some analysts believe the move could extend well beyond current levels.
Crypto King explained,
“$SUI looks ready to move higher. The next move could break its all time high. Target: around $8 per SUI.”
The weekly chart suggests that SUI may have completed its corrective phase and entered the next impulse leg of an Elliott Wave cycle. If confirmed, this would point to a larger bullish structure building from current levels.
Short-Term Weakness and Support Levels
Short-term signals point to caution. The account gemxbt reported,
“SUI is experiencing a downtrend with price below key moving averages (5, 10, 20 MA) and a notable bearish crossover in MACD.”
Momentum has weakened on the hourly chart, with RSI trending down and volume rising during the pullback. Support is now seen near $3.65, with further levels at $3.60 and $3.55 if selling continues. Buyers will need to defend these areas to keep the broader bullish case intact.
Market Outlook
The market shows two contrasting views. On higher timeframes, the double bottom structure and Elliott Wave analysis support further recovery and a push toward new highs. On shorter timeframes, technical indicators suggest near-term pressure and possible retests of support.
For the breakout to continue, SUI must stay above the $3.55–$3.60 zone. A break above $3.90 would confirm renewed momentum and open the way toward higher levels, while failure to hold support could stall the rally.
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Source: https://coincu.com/analysis/sui-breakout-holds-strong/