SUI Correction Nearly Over? | Credit: Derek Fenech
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Key Takeaways
SUI broke out from a long-term resistance trend line.
The price trades inside a long-term ascending wedge.
Can SUI begin another rally toward a new all-time high?
SUI has shown strong bullish potential by clearing a long-term resistance level. While it has struggled to close above $4, its price action and momentum indicators are positive.
The SUI price is making another breakout attempt today, raising the question: Will it be successful, and what’s the next target if yes?
SUI Reaches Resistance
SUI fell after its all-time high of $5.38 in January but reversed its trend in March (green icon) after bouncing at the $1.80 support area.
The ascent was initially rapid, leading to a high of $4.29 in a few weeks, but ending at the $4.05 horizontal resistance area and a diagonal resistance.
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The main target for the top of the upward movement is at $10.81. Since wave three was 1.61 times longer than wave one, wave five can have the same length as wave one.
Based on the resistance slope, the SUI price will reach its target in October or November.
Breakout Incoming
If SUI breaks past the critical $4 resistance, its technical analysis suggests it could rally toward a new all-time high of $10.81 by October or November.
The price action, wave count, and indicators support the case for this upward move, confirmed with a close above $4.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
