SUI Price Rally Shows No Signs of Slowing Down — Next Leg Could Reach $4

Key Takeaways

• The SUI price has increased by 112% since its April lows.
• SUI is approaching a critical resistance level near $4.
• Can SUI reach this resistance and possibly break out?

The SUI price fell sharply after its all-time high, losing 75% of its value. However, it did a U-turn on April 7, preventing a breakdown and breaking out from its corrective trend line.

After a 112% increase, the SUI price is nearing a critical confluence of resistance levels, spurred by positive news regarding institutional access and the SUI Base Camp in Dubai.

Let’s examine the charts and see if SUI will reach it and break out.

SUI Price Breakout

The daily time frame analysis shows that SUI’s April rally started with a deviation below the $2.06 horizontal area (black circle).

After creating a higher low inside the area, SUI broke out from a descending resistance trend line that had existed since the all-time high.

The breakout is a strong sign that the SUI correction is over. A breakout and retest of the $3.25 horizontal resistance area (green icon) strengthened this sentiment.

SUI trades near the 0.618 Fibonacci retracement resistance level at $4, coinciding with the $4 horizontal resistance area.

Technical indicators legitimize the rally. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) generated bullish divergences (orange) before the breakout.

The indicators are trending upward, and neither has generated any bearish divergence, suggesting the SUI price prediction is still bullish.

Final Leg Up

As predicted last week, SUI’s price completed wave four and is now in its fifth and final upward movement.

If the count is accurate, wave five could end near $4, a target created by giving wave five the same length as wave one (green) and by the 1.27 external Fibonacci retracement of wave four.

If an extension happens, SUI’s wave five could end at $4.11, reaching the 1.61 external Fibonacci retracement resistance.

A bearish divergence is already brewing in the RSI and MACD, supporting the conclusion of this increase.

It is still unclear if the five-wave increase is the start of a longer-term bullish reversal or if it instead is wave A in an A-B-C structure.

In both cases, a considerable correction is expected after wave five ends so that the short-term SUI analysis will remain the same.

SUI to $4

The SUI trend in April was extremely bullish, leading to a 115% price increase and a high of $3.84.

After a short correction, SUI seems to have regained its footing and is completing its final leg up.

The SUI price could increase to $4-$4.17 before beginning a downward movement.