SUI Price Set for Final Leg of Rally, but Key Resistance Looms

Key Takeaways

• SUI completed a W-X-Y-X-Z correction and reversed strongly.
• Wave (iv) consolidation near $3.83 is healthy and expected.
• Next bullish leg could push toward the $4.59–$4.98 zone.

SUI has surged more than 150% since hitting its lows on April 7, showing strong bullish momentum as it completes a key impulsive wave structure.

The 4-hour chart confirms the end of a complex corrective pattern, setting the stage for continued upward movement.

Meanwhile, the 1-hour chart indicates a consolidation phase within wave (iv), suggesting a brief pause before the next push higher in wave (v).

This price analysis examines both time frames to provide a clear outlook on SUI’s potential next moves.

SUI Price Analysis

After a prolonged downtrend shaped by a complex W-X-Y-X-Z corrective pattern, SUI found strong support around $1.74 and began a sharp reversal.

This recovery looks like a classic five-wave impulse. Wave (III) ended above $3.80 on April 25, followed by consolidation beneath wave (IV).

Subsequently, SUI pushed higher again, reaching a peak near $4.30 on May 11, which may mark the completion of wave (V).

The Fibonacci retracement from the low to the recent high shows the price stabilizing around the 0.618 retracement at $3.83, which aligns with strong horizontal resistance-turned-support.

Relative Strength Index (RSI) momentum remains neutral-to-strong without showing major bearish divergence, indicating this is likely a healthy consolidation phase rather than a reversal.

The Elliott Wave structure suggests the current movement is part of a wave (v), but the main question is whether the two-week consolidation can lead to a new high.

Major resistance lies at the 0.786 level ($4.55) and wave (v) projection near $5.32.

A break above the current consolidation would confirm the final leg higher.

SUI Price Prediction

Zooming into the 1-hour chart, SUI appears to have completed wave (iv) of a smaller impulse, with subwaves (a)-(b)-(c)-(d)-(e) forming a textbook triangle or flat correction.

This consolidation pattern held the 0.236 Fib extension of the previous rally at $3.60, a key support that held firm during several tests.

Momentum seems to be coiling for a breakout, with the RSI rising modestly without being overbought.

If the structure plays out cleanly, wave (v) may be in development.

Fibonacci extensions project potential targets at $4.29 (0.618), $4.59 (0.786), and up to $4.98 (1.0), aligning with macro resistance zones and wave count expectations.

Since yesterday’s upward spike, we saw a 10% decrease, but the price still holds a higher low, leaving room for a bullish outlook.

This is why a failure to break above the $3.96 resistance would short-term invalidate the bullish scenario and could send the price back to test $3.53 or $3.10.

A clean five-wave completion and RSI confirmation would be necessary for a confident long continuation.

On the other hand, the whole five-wave impulse from April 7 could have ended on May 9, with the following consolidation being the distribution phase.

In that case, we already saw the first two sub-waves of the corrective stage.

Key Levels To Watch

Support: $3.60, $3.53, $3.10

Resistance: $3.96, $4.29, $4.59, $4.98