SUI Drops 18% After November All-Time High — Correction Likely Underway
SUI price makes a downturn, dipping below $3 today. Did it start a larger correction after hitting new all-time high?
Key Takeaways
- SUI completed a five-wave impulse, peaking at $3.94 before correcting.
- The $2.20-$2.40 zone is critical for support during consolidation.
- RSI overbought conditions indicate weakening momentum and potential short-term retracement.
SUI has experienced a strong rally since its August low of $0.46, reaching a new all-time high of $3.94 on Nov. 17, driven by a clear five-wave Elliott structure.
However, the price is now in a corrective phase, consolidating near $3.20 after facing resistance and overbought conditions, signaling the possibility of a larger pullback before the next major move.
SUI Price Analysis
The daily chart for SUI shows a significant upward trajectory after a symmetrical triangle breakout to a new all-time high.
Following its bottom near $0.46 on Aug. 5, SUI initiated a strong bull phase and recently surged to $3.94, marking the peak of a substantial five-wave structure.
This rally aligns with robust bullish momentum but has faced a pullback after reaching overbought RSI levels, signaling the possibility of a larger correction ahead.
SUI breached multiple resistance zones, including $1.50 and $2.50, before encountering rejection near the extended wave (v) target at $3.94.
It dipped below $3 today, Nov. 26, and quickly bounced back up. It is currently traded at $3.20, still 18% down from its all-time high on Nov. 17.
Key Observations:
- Clear Elliott Wave Structure: SUI completed a five-wave impulsive move, peaking at $3.94 before initiating a downturn.
- Key Support Zone: The $2.20-$2.40 range serves as a critical support zone, aligning with prior resistance levels now turned support.
- RSI Overbought: RSI entered the overbought zone at a recent peak, suggesting weakening bullish momentum and the likelihood of a short-term reversal.
The ongoing pullback could retest key Fibonacci retracement levels, with $2.50 as immediate support.
If momentum resumes, a breakout above $3.94 could pave the way for further gains toward higher extension levels, potentially targeting $4.50 or beyond.
SUI Price Prediction
The hourly chart for SUI demonstrates a potential corrective structure following its recent five-wave impulsive. The price is likely entering an ABC correction phase, with wave (a) currently testing the key Fibonacci retracement levels inside the descending channel.
This suggests a short-term bounce could follow, but it should end at a lower high as its B wave develops.
The breakout from the descending channel will provide further insight into the next primary trend.
If a lower high of $3.60 is made after a bounce, we can anticipate another stronger momentum downtrend, leading to some Fibonacci retracement levels.
Key Levels to Watch
Support Levels:
- $3.12 (0.236 Fibonacci retracement): Immediate support during the corrective phase.
- $2.61 (0.382 Fibonacci retracement): Strong support aligning with prior consolidation zones.
- $2.20 (0.5 Fibonacci retracement): Critical support level for maintaining the broader bullish structure.
Resistance Levels:
- $3.60: Immediate resistance within wave (b) rebound.
- $3.94: Recent peak; breakout above this level signals trend continuation.
- $4.50: Potential extended target following wave (b) completion and wave (c) development.
SUI’s ability to hold above $2.61 will confirm the bullish scenario. A decisive breakout above $3.60 would validate wave (b) progression, while failure to sustain above $2.20 may signal a deeper correction.
