SUI emerged as one of the standout performers in the first half of 2024, soaring to a new all-time high of $2.18 in March before facing a mid-year correction.
However, SUI made a stunning comeback after August, surging by 900% to set another record, peaking at $5.37 on Jan. 6, 2025.
While this meteoric rise is impressive, the chart now shows signs of weakness. Coupled with the broader market correction, the question looms: Has SUI reached its local peak, or does it have more room to climb?
The weekly SUI chart reveals that since August 2024, the token has risen in tandem with an ascending support trend line.
On Jan. 6, 2025, SUI reached a new all-time high of $5.37 after bouncing off the trend line for the fourth time.
However, momentum has begun to shift.
This week, SUI is breaking below the trend line, which has held for 161 days.
A confirmed breakdown could trigger a sharp decline, potentially bringing SUI down to the next horizontal support level at $1.85.
If the decline is more gradual, the price may find minor support at $2.91.
Technical indicators align with the potential breakdown.
The Relative Strength Index (RSI) has shown a bearish divergence (green) and dropped below the 70 threshold. While the Moving Average Convergence/Divergence (MACD) hasn’t formed the same divergence, its weakening momentum (yellow) suggests further downside risk.
The wave count shows that SUI completed a five-wave increase starting in August 2024. The fifth wave developed into an ending diagonal, as noted by the shape of an expanding wedge. This pattern often marks the top of upward movements.
If this is the case for SUI, the price has started an A-B-C correction, which could have at least half the length of the upward movement.
In this scenario, SUI would correct until July, reaching the 0.5 Fibonacci retracement support level at $2.92 to further support this bearish SUI prediction.
The six-hour chart shows that SUI has deviated above the $4.80 horizontal area before falling below it again. These types of deviations are also bearish signs suggesting the trend has reversed. The price also broke down from a short-term ascending support trend line to confirm that bears are in control.
So, the long- and short-term SUI readings all indicate an imminent local top and correction. The main support levels are at $2.92 and $1.86.
The SUI price enjoyed an impressive second half of 2024 and continued its positive trend in 2025, reaching a new all-time high price on Jan. 6. However, the rally might have run out of steam, as various indicators show that a correction lies ahead. If this bearish SUI prediction proves true, the price could decline until July.